arXiv:2610.23381v1 Announce Type: new Abstract: Multi-carrier underwater integrated sensing and communication (ISAC) realizes concurrent acoustic communication and localization, yet the frequency selectivity of the acoustic channel creates uneven positioning capabilities across subcarriers. This paper proposes a localization-oriented subcarrier and power allocation scheme for multi-anchor underwater ISAC systems. We build a unified orthogonal subcarrier multiplexing framework and derive closed-form Cramer-Rao bounds (CRBs) under frequency-selective channels with colored noise. We derive a subcarrier-level localization information contribution from the time of arrival Fisher information, which enables localization-oriented resource allocation. We derive several theoretical properties regarding the distance and frequency dependence of the localization information metric, and establish a distance-frequency matching principle. These results provide a theoretical foundation for localization-oriented resource allocation and guide the design of a low-complexity greedy algorithm that improves positioning accuracy. Specifically, the algorithm iteratively allocates subcarriers to minimize the residual positioning-error objective, thereby improving positioning accuracy while satisfying communication quality-of-service (QoS) constraints. Simulations verify that our method yields much lower positioning error bound than uniform, random and high-frequency-first subcarrier allocation in symmetric or asymmetric topologies while guaranteeing communication QoS, achieving superior communication-localization tradeoffs.