The influence of oceanic turbulence and pointing error impairments on the underwater wireless optical communication (UWOC) systems is considered in this study. We propose a generalized fading model, which comprises the path loss due to the absorption and scattering, the oceanic turbulence (modeled by Málaga distribution), and the pointing error impairments resulting from ocean movements. Thereafter, closed-form expressions of the average symbol error probability (SEP) and average channel capacity are proposed for optical waves propagate in oceanic turbulence with the M-ary pulse position modulation (PPM) and under the constraints of the limited average-power and peak-power. The Monte Carlo simulations are conducted to validate the analytical results and demonstrate that the fading parameters, including the mean-squared temperature, the salinity-temperature contribution factor, jitters, and water conditions, significantly affect the system performance. Moreover, the thermal noise and quantum noise in ocean environment have more serious impact than the background noise. Finally, we prove that the UWOC systems with the pure peak-power constraint performs better than that limited by average-power and peak-power.