In this paper, we study an adaptive subcarrier phase shift keying (PSK) intensity modulation for free space optical (FSO) communication systems, operating over Malaga atmospheric turbulence channel, which is a generalized statistical model proposed for FSO communications. According to the instantaneous state of turbulence-induced irradiance fluctuation and a target bit error rate (BER), the proposed transmission technique offers efficient utilization of the FSO channel capacity by exploiting adaptively the modulation order of subcarrier PSK. More precisely, closed-form expressions for the average BER of non-adaptive strategy, the achievable spectral efficiency and the average BER of proposed adaptive subcarrier PSK FSO system are derived in terms of the Meijer's G-function. Numerical results indicate that by using the proposed scheme, achievable spectral efficiency gain is offered without increasing the transmitted average optical power or sacrificing BER requirements.