Filter Bank Multicarrier with Offset Quadrature Amplitude Modulation (FBMC/O-QAM) is an alternate transmission method where a dedicated filter is applied on each subcarrier, that reduces the OOB (Out Of Band) emission and results in high spectral efficiency. FBMC/O-QAM system has many advantages, but being a MCM (Multicarrier Modulation) technique, it suffers from a major problem of high PAPR (Peak to Average Power Ratio). High PAPR reduces the power efficiency of the system and it needs to be addressed. In this research study, some PAPR reduction methods such as companding and clipping are studied and implemented on FBMC/O-QAM system, and it is found that clipping technique provides better result among the considered schemes.