A new hybrid microwave photonic link based on a polarization division multiplexing Mach-Zehnder modulator (PDM-MZM) is proposed. The link enables co-transmission of millimeter-wave (mmW) and sub-6 GHz wireless signals over a seamless single-mode fiber (SMF) and free-space optics (FSO) channels. Optimization of the chromatic dispersion (CD)-induced power fading regardless of the power fading due to the non-deterministic atmospheric turbulence (AT) is simultaneously demonstrated. Extensive simulation analysis is first presented to examine (i) the impact of CD on mmW (25 GHz) and sub-6 GHz (2.6 GHz) signals, envisioned for the 5th generation networks, and (ii) optimization of CD-induced power fading by changing the phase relations between the optical carrier and optical sidebands in each polarization channel using single tunable polarization controller. A proof-of-concept experiment is finally performed to simultaneously deliver 25 GHz and 2.6 GHz signals with 4/16/64-quadrature amplitude modulation over (i) 20 km SMF and 2 m radio wireless link and (ii) 20 km SMF, 4.2 m FSO (with AT) and 2 m radio wireless links. The optimization of the CD-induced power fading is experimentally verified and link performance shows high tolerance to CD with no power penalties and the measured error vector magnitudes well below the required limits. The predicted bit error rates are also below the forward error correction threshold of 2 × 10-4.