In this Letter, we experimentally demonstrate a 50Gb/s/λ four-level pulse amplitude modulation-based passive optical network system with a 10 G class receiver. A memory polynomial equalizer (MPE) combined with a decision feedback equalizer (DFE) is applied to eliminate channel distortions in the system. To further improve the performance of the MPE-DFE, for the first time, to the best of our knowledge, a low-complexity hybrid decision scheme (HDS) is proposed, which consists of single-symbol decision (SSD) and multi-symbol decision (MSD). The SSD is exactly the conventional hard decision based on minimum Euclidean distance, whereas MSD is based on a simplified maximum likelihood detection principle with M-algorithm. In terms of complexity, MSD requires 19.1% more multiplications than SSD, but the symbol number of MSD only accounts for less than 20% of the total signal frame when the received optical power is greater than -27dBm. Experimental results show that the proposed MPE-DFE with HDS achieves a 0.7 dB and 1.3 dB sensitivity gain compared with conventional SSD, and up to 35.4 dB and 31.4 dB link power budget, regarding the forward error correction threshold of 10-2 and 10-3, respectively.