A method for implementing Polarization Division Multiplexing Binary Phase Shift Keying (PDM-BPSK) modulation and Quadrature Phase Shift Keying (QPSK) modulation in a compatible manner includes: dividing a direct current (DC) light into a first channel of light and a second channel of light with the same power; separately performing optoelectrical modulation on the first channel of light and the second channel of light and correspondingly outputting a first optical signal and a second optical signal in a Binary Phase Shift Keying (BPSK) format; performing polarization state control on the first optical signal; performing a phase shift on the first optical signal or the second optical signal; and performing optical signal combination with the polarization state preserved on the first optical signal and the second optical signal after the polarization state control and the phase shift, and outputting a PDM-BPSK modulation optical signal or a QPSK modulation optical signal.