The emerging high-bandwidth services of 6G, such as high-definition video transmission and real-time interaction, have promoted the progress of the fiber optic access network industry, driving its development towards the next-generation PON with higher speed and larger system capacity. In response to the future requirements of 200 Gb/s/λ PON for both 20 km and 30 km downlink transmission scenarios, this paper proposes a Simplified Volterra Equalization (SVLE) scheme based on Nyquist PAM4 single-sideband modulation direct detection (SSBM-DD) scheme. In order to verify its advantages, the IQ-modulated Kramers–Kronig reception (KK) scheme is introduced for comparison. Simulation validation platforms for two schemes are conducted, and the performance comparison of the SVLE and KK schemes is carried out. In both, the impact of the carrier signal power ratio (CSPR) on receiver sensitivity, the influence of input optical power on power budget and receiver sensitivity, and the tolerance of receiver sensitivity to the linewidth of the DFB laser are investigated in the simulation. Finally, a comprehensive comparison of the two schemes is presented in terms of system performance, cost, and DSP complexity. In the 20 km downlink transmission scenario, the SVLE scheme outperforms the KK scheme by 4.9 dB in terms of power budget. The total number of multiplications of the SVLE scheme is 37, while that of the KK scheme is 4358. Therefore, the DSP complexity of the SVLE scheme is much lower than that of the KK scheme. The results of the comparison demonstrate that, in downlink transmission scenarios, the SVLE scheme is more suitable than the KK scheme as it exhibits a higher power budget, lower DSP complexity, and lower cost. Consequently, the proposed SVLE scheme could be a highly promising solution for future ultra-high-speed PON downlink transmission.