In this paper, we study a multi-mode quantized precoding multiple-input multiple-output (MIMO) system with per-substream adaptive modulation and coding under a maximal throughput target. An analytical throughput expression is firstly presented by recurring to Gaussian mixed approximation for block error rate of Turbo codes. An optimal mode-MCS (modulation and coding scheme) selection algorithm is then developed to achieve maximal throughput performance based on throughput criterion. Further, a complexity-reducing selection algorithm with negligible performance loss is proposed by making full use of the information provided by singular value decomposition of the instantaneous channel matrix at the receiver side. Simulation results show that both selection algorithms can achieve good throughput performance in the above mentioned MIMO system.