In this paper, we present an effective way for simulating oceanic turbulence channel on the beam carrying orbital angular momentum (OAM). The influence caused by oceanic turbulence channel on the phase and intensity of the propagation beam is equivalent to that the beam passing through several individual phase screens generated by power spectrum inversion method at regular intervals. A modified subharmonic compensation method is then further balance the phase screen for the losses of lower frequency components in the power spectrum inversion method. The feasibility is verified by the theoretical phase structure function and the propagation characteristics of an OAM beam in underwater environment. The results show that the phase structure function and the propagation characteristics of the OAM beam evaluated by the phase screen model all coincide with those theoretical results at high spatial frequency. Simultaneously, the low frequency components could be effectively compensated by the modified subharmonic method. With the increase of the subharmonic order and sample level, the performance evaluated by the phase screen model are closer to the theoretical ones. It has provided an effective way for simulating oceanic turbulence channel for the underwater optical communications.