The ‘Orthogonal frequency division multiplexing (OFDM)’ is a well-accepted and effective technology employed today and in future wireless communication systems. The combinations of OFDM and ‘multiple-input multiple-output (MIMO’) offer high quality of services and better throughput. The multicarrier OFDM system experiences a high ‘peak-to-average power ratio (PAPR’), which is the major issue in the OFDM scheme and must be truncated to achieve trustworthy communication. Due to high PAPR in a signal to be transmitted, the power amplifier in the transmitter section enters into saturation region and amplifies the signal nonlinearly, resulting in loss of orthogonality and ultimately in ‘inter-carrier interference (ICI)’. In this article, the 'iterative clipping and filtering (ICF)' method is proposed to minimize the PAPR in the OFDM system. The simulation is carried out using MATLAB (version 2014b). The result of the proposed ICF method and the ‘selective mapping (SLM)’ scheme is analyzed and compared. From the analysis, it is shown that the proposed ICF technique is more suitable for minimizing the PAPR effectively without affecting ‘bit error rates (BER)’ much and the simplicity of the system. The simulation result of the proposed ICF scheme using ‘Quadrature Phase Shift Keying (QPSK)’, FFT size of 128, and clipping and filtering level up to 6 shows that the proposed ICF scheme for clipping level of 6 reduces PAPR to 5dB. Also, the BER is minimized at the level of 3×10−5 at 12 dB SNR.