Subcarrier index power modulation (SIPM) can use the subcarrier index information to adjust the corresponding power information. It is used in a fiber-visible light fusion system, which can better increase the transmission capacity of the system. A full-duplex fiber-visible hybrid system based on subcarrier index power modulation-orthogonal frequency division multiplexing (SIPM-OFDM) is proposed. The structure of the system is simplified by using the wavelength reuse method, and the SIPM-OFDM signal is established. The model is generated and the feasibility of the system is verified by simulation verification. Simulation results show that after 35 km standard single-mode fiber (SSMF) and 5 m visible light bidirectional transmission, the system power cost is less than 1 dB and 2 dB, respectively, and the constellation diagram is still clear.