An optoelectronic oscillator (OEO) with improved sideband suppression by joint use of the spectral Vernier effect and parity-time (PT) symmetry is proposed and experimentally demonstrated. The spectral Vernier effect is implemented using two mutually coupled loops with different loop lengths, to increase the effective free spectral range (FSR). To further increase the mode selection capability to ensure stable single-frequency oscillation with an increased sidemode suppression ratio (SMSR), PT symmetry is implemented, in which the two mutually coupled loops are controlled with balanced gain and loss. Thanks to the combined effects, stable single-mode oscillation with a significantly increased SMSR is achieved. The proposed OEO is studied theoretically and evaluated experimentally. The results show that for a generated microwave signal at 10 GHz, the SMSR is 67.68 dB, which is increased by 11.20 dB or 26.05 dB, when using only the spectral Vernier effect or only the PT symmetry. Thanks to the long length of the longer loop, good phase noise performance is still maintained. The measurement shows that a phase noise as low as -124.5 dBc/Hz at an offset frequency of 10 kHz is achieved.