Two-way relaying is an effective way of improving system spectral efficiency by making use of physical layer network coding. However, energy efficiency in OFDM-based bidirectional relaying with asymmetric traffic requirement has not been investigated. In this study, we focused on subcarrier transmission mode selection, bit loading, and power allocation in a multicarrier single amplified-and-forward relay system. In this scheme, each subcarrier can operate in two transmission modes: one-way relaying and two-way relaying. The problem is formulated as a mixed integer programming problem. We adopt a structural approximation optimization method that first decouples the original problem into two suboptimal problems with fixed subcarrier subsets and then finds the optimal subcarrier assignment subsets. Although the suboptimal problems are nonconvex, the results obtained for a single-tone system are used to transform them to convex problems. To find the optimal subcarrier assignment subsets, an iterative algorithm based on subcarrier ranking and matching is developed. Simulation results show that the proposed method can improve system performance compared with conventional methods. Some interesting insights are also obtained via simulation.