Underwater acoustic (UWA) sensor networks demand high-rate communications with high reliability between sensor nodes for massive data transmission. Filtered multitone (FMT) is an attractive multicarrier technique used in high-rate UWA communications, and can obviously shorten the span of intersymbol interference (ISI) with high spectral efficiency and low frequency offset sensitivity by dividing the communication band into several separated wide sub-bands without guard bands. The joint receive diversity and adaptive equalization scheme is often used as a general ISI suppression technique in FMT-UWA communications, but large receive array for high diversity gain has an adverse effect on the miniaturization of UWA sensor nodes. A time-reversal space-time block coding (TR-STBC) technique specially designed for frequency-selective fading channels can replace receive diversity with transmit diversity for high diversity gain, and therefore is helpful for ISI suppression with simple receive configuration. Moreover, the spatio-temporal matched filtering (MF) in TR-STBC decoding can mitigate ISI obviously, and therefore is of benefit to lessen the complexion of adaptive equalization for post-processing. In this paper, joint TR-STBC and adaptive equalization FMT-UWA communication method is proposed based on the merit of TR-STBC. The proposed method is analyzed in theory, and its performance is assessed using simulation analysis and real experimental data collected from an indoor pool communication trial. The validity of the proposed method is proved through comparing the proposed method with the joint single-input–single-output (SISO) and adaptive equalization method and the joint single-input–multiple-output (SIMO) and adaptive equalization method. The results show that the proposed method can achieve better communication performance than the joint SISO and adaptive equalization method, and can achieve similar performance with more simpler receive configuration as the joint SIMO and adaptive equalization method.