In this paper, a new WHT-LWT-GFDM waveform obtained by combining Walsh–Hadamard Transform (WHT), Lifting Wavelet Transform (LWT), and Generalized Frequency Division Multiplexing (GFDM) is presented for use in next-generation wireless communication systems. The proposed approach meets the requirement of 5th-generation (5G) and beyond communication schemes in terms of low latency, low peak-to-average-power ratio (PAPR), and low bit-error rate (BER). To verify the performance of the presented waveform, PAPR and BER simulation results were obtained in additive white Gaussian noise (AWGN) and flat Rayleigh fading channels, and the performance of the proposed system was compared with conventional Orthogonal Frequency Division Multiplexing (OFDM), GFDM, and Walsh–Hadamard transform-based GFDM (WHT-GFDM). Simulation results show that the proposed waveform achieves the best BER and PAPR performances and it provides considerable performance gains over the conventional waveforms.