In this paper, we propose and demonstrate a 0.5-bit/s/Hz fine-grained adaptive orthogonal frequency division multiplexing (OFDM) modulation scheme for bandlimited underwater visible light communication (UVLC) systems. Particularly, integer spectral efficiency is obtained by conventional OFDM with quadrature amplitude modulation (QAM) constellations, while fractional spectral efficiency is obtained by two newly proposed dual-frame OFDM designs. More specifically, OFDM with dual-frame binary phase-shift keying (DF-BPSK) is designed to achieve a spectral efficiency of 0.5 bit/s/Hz, while OFDM with dual-frame dual-mode index modulation (DF-DMIM) is designed to realize the spectral efficiencies of 0.5+n bits/s/Hz with n being a positive integer (i.e., n = 1, 2, …). The feasibility and superiority of the proposed 0.5-bit/s/Hz fine-grained adaptive OFDM modulation scheme in bandlimited UVLC systems are successfully verified by simulations and proof-of-concept experiments. Experimental results demonstrate that a significant achievable rate gain of 18.6 Mbps can be achieved by the proposed 0.5-bit/s/Hz fine-grained adaptive OFDM modulation in comparison to the traditional 1-bit/s/Hz granularity adaptive OFDM scheme, which corresponds to a rate improvement of 22.1%.