The generation of coherent optical subcarriers based on a concatenated dual-drive Mach-Zehnder intensity modulator (IM) and two phase modulators (PMs) is proposed and experimentally demonstrated. The modulation index and DC bias of PM+IM modulation are theoretically investigated. Theoretical analysis and numerical study are also carried out to examine the proposed scheme. We use 25-GHz RF synchronous sinusoidal signals to drive cascaded two-stage PMs and IM, through which we generate 28 subcarriers with peak power fluctuations less than 4 dB. The measured tone-to-noise ratio of the subcarrier is higher than 40 dB. The experimental results show that for 100-Gb/s polarization multiplexing QPSK signal, the receiver sensitivity of the back-to-back signal is -28.6 dBm, and the power penalty is lower than 1 dB after 100-km transmission at the BER of 1 \times 10^{-9}.