Orthogonal frequency division multiplexing (OFDM) utilizes numerous sub-carriers to achieve high transmission data rates. The frequency selectivity of the channel becomes a crucial factor influencing the communication performance of OFDM-based systems. In optical wireless communication (OWC) systems, the photomultiplier tube (PMT) may experience saturation when the incident optical power approaches its saturation threshold. This paper, for the first time, characterizes the saturation levels of a high-speed PMT based on the measured amplitude in the time domain and the output response of the PMT in the frequency domain. Additionally, an adaptive optical saturation compensation algorithm, leveraging an electronically controlled variable optical attenuator, is proposed to realize a reliable OWC system. Experimental results demonstrate that the proposed saturation compensation method achieves a higher tolerance to large dynamic signal and background radiation compared with that without compensation, while maintaining a satisfactory bit error rate.