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A new scheme to realize terahertz (THz) radiation generation, as well as high-speed THz modulation, for future high-speed THz communication systems, is proposed and discussed. The proposed experimental scheme includes two elemental parts: dual-wavelength mode-locking oscillating cavity and photomixing elements. The conditions for double-wavelength operation using the proposed experimental setup have been theoretically discussed and obtained. The mode-locked output optical short pulses with two highstability wavelengths are obtained and demonstrated. These can be used to produce THz radiation, as well as high-speed signal modulation, through the photomixing effects in an ultrafast oxygen-ion-implanted and epitaxial InGaAs:O for the future high-speed THz communication systems.