Meijer G function is used to derive asymptotic expressions of average bit error rate and outage probability of adaptive M-ary phase-shift keying (MPSK) modulation system based on joint probability density function of misaligned fading (i.e., pointing error) and Malaga turbulence distribution. When receiver radius is fixed, the optimal bit error rate can be obtained by adjusting the beam waist radius and jitter standard deviation. When the ratio of the beam waist radius to the receiver radius is w_z/a=10 and jitter standard deviation to the receiver radius is σ_s/a=1.5, the average bit error rate curve of non-adaptive binary phase-shift keying (BPSK) system drops the fastest. The average bit error rate and spectral efficiency of the adaptive MPSK system are both optimal when w_z/a=5 and σ_s/a=1.5. When the misaligned fading is constant and average electric signal-to-noise ratio is small, the average bit error rate and outage probability of adaptive system are mainly affected by the misaligned fading, but with the increase in the average electric signal-to-noise ratio, the influence of turbulence increases.