A combination of Multiple Input and Multiple Output (MIMO) and Orthogonal Frequency Division Multiplexing (OFDM) results to a wireless communication system called MIMO-OFDM system. This paper has presented a review of peak to average power ratio (PAPR) reduction in MIMO-OFDM system. Since MIMO-OFDM is a generalized case of OFDM systems based on space time block code (STBC) for two, three, and four antennas, the focused of the study has been on the reduction of PAPR in OFDM signal. With many challenges associated with the implementation of OFDM, one major drawback is the effect of sum of several sinusoids due to time domain OFDM signal that leads to high PAPR. Several techniques have been proposed to address this problem, with more recent algorithms using optimization scheme or hybrid scheme presented in literature. This paper has examined the various techniques with respect to their merit and demerit in the reduction of PAPR of OFDM signal. It presented a hybrid scheme as a way forward to reducing PAPR in OFDM system.