We analyze a feasible high-sensitivity homodyne coherent optical receiver for demodulating optical quadrature phase-shift keying (QPSK). A fourth-power phase-lock loop based on a digital look-up table is used. Considering the non-negligible loop delay, we optimize the loop natural frequency. Without error correction coding, a sensitivity of ?37 dBm/?35 dBm is achieved, while the bit error rate is below 10^?9 at 2.5 Gbaud/5 Gbaud rate. For the QPSK communication system, the bit rate is twice the baud rate. The loop natural frequency is 0.647 Mrad/s, and the minimized steady-state phase-error standard deviation is 3.83°.