This paper proposes an adaptive transmission scheme for two-way amplify-and-forward (AF) relaying over optical wireless communications. The two terminals utilize sub- carrier phase shift keying (S-PSK) intensity modulation for data transmission, and the atmospheric turbulence impacts on the transmitted signals. The proposed transmission scheme exploits efficient utilization of the optical wireless channel capacity by adjusting the modulation order of S-PSK. While meeting pre-determined bit error rate (BER) requirements for each terminal, the selected modulation order of each terminal corresponds to the instantaneous condition of turbulence-induced fading. A new expression is derived for the spectral efficiency of the proposed two-way relaying scheme and then performance investigations are carried out under various turbulence conditions. Numerical examples illustrate that the proposed two-way relaying scheme enjoys better spectral efficiency compared with the traditional direct transmission scheme in a high signal-to-noise-ratio regime.