The bandwidth limit of devices and the chromatic dispersion (CD) of optical fiber severely distort the high-speed signal in a passive optical network (PON). In this paper, an efficient equalization scheme is proposed for optical amplified 50-Gb/s PAM4-PON with a 10G-class transmitter. The proposed equalization scheme is based on fast frequency domain equalization (FDE) with circular convolution, an optimized post-filter, and a low-complexity maximum likelihood sequence detector (MLSD), which requires only total 23 real-valued multiplications for each output symbol. Experimental results show that up to 33.2 dB power budget is successfully achieved over 20 km transmission without using any optical CD compensation module in the C-band. Moreover, there is only 0.5 dB penalty of receiver sensitivity compared to optical back to back (BTB) transmission. Therefore, the CD distortion has been nearly compensated for by the proposed equalization scheme. To the best of our knowledge, this is the best performance of an optical amplified 50-Gb/s PAM4-PON system in the C-band.