An all-optical radio-over-fiber (RoF) link with double spectral-efficient transmission and compensation of chromatic dispersion-induced power fading is proposed and experimentally demonstrated. At the central office, a commercial dual-polarization quadrature phase-shift keying modulator is utilized to produce a polarization-multiplexed signal composed of two modulated microwave vector signals and an unmodulated optical carrier. At the remote node, by adjusting the polarization controller to introduce a proper phase shift to the unmodulated optical carrier, the two vector signals can be demodulated respectively and dispersion-induced power fading can be compensated simultaneously. The link performance is evaluated by error vector magnitude and bit error rate.