The obsolete communication systems used in the underwater environment necessitates the development and use of modern telecommunications technologies. One such technology is the optical wireless communications, which can provide very high data rates, almost infinite bandwidth and very high transmission speed for real time fast and secure underwater links. However, the composition and the optical density of seawater hinder the communication between transmitter and receiver, while many significant effects strongly mitigate the underwater optical wireless communication (UOWC) systems’ performance. In this work, the influences of chromatic dispersion and time jitter are investigated. Chromatic dispersion causes the temporal broadening or narrowing of the pulse, while time jitter complicates the detection process at the receiver. Thus, the broadening of the optical pulse due to chromatic dispersion is studied and the influence of the initial chirp is examined. Moreover, the effect of the time jitter is also taken into consideration and for the first time, to the best of our knowledge, a mathematical expression for the probability of fade is extracted, taking into account the influence of both of the above-mentioned effects for a UOWC system. Finally, the appropriate numerical results are presented.