For optical field recovery and linear dispersion compensation, we propose a performance-enhanced linearization algorithm, termed adaptive hybrid multi-constraint iteration algorithm (MCIA), which does not require any physical modifications to standard configurations of intensity-modulation and direct-detection (IM/DD) transmission systems. To improve the sensitivity to the residual inter-symbol interference (ISI) effect, we introduce, after fiber backward-propagation, a linear feed-forward equalizer (FFE) pair into the proposed algorithm. To improve the sensitivity to fiber dispersion estimation errors, we utilize a two-stage dispersion estimator coupled with the G-S iteration. After 100-Gb/s PAM-4 signal transmissions over 400-km fibers, the simulation results show that the MCIA offers an 1.5-dB optical signal-to-noise ratio (OSNR) gain and an 1-dB optical power budget improvement compared with the decision-directed data-aided iterative algorithm (DD-DIA), for highly dispersive IM/DD transmissions. By performing adaptive dispersion estimation, the MCIA has higher tolerance to estimation errors in fiber length. Moreover, for cases subject to large dispersion, the usage of the embedded FFE pair not only desensitizes the MCIA on the limited bandwidth effect, but also accelerates the convergence performance for reaching lower BERs. We experimentally demonstrate that the proposed algorithm can support 150-Gb/s PAM-4 transmissions over 25-km standard single mode fibers (SSMF), where just a 7-tap FFE-pair is required. For 150 Gb/s transmissions, the tolerance to fiber length estimation error is increased from 0.9 km to 20 km.