Filtered-orthogonal frequency division multiplexing (F-OFDM) is one of the most protruding multicarrier modulation (MCM) techniques for fifth-generation and beyond wireless communication. However, it possesses a high peak-to-average power ratio (PAPR), which results in its poor performance. Thus, a novel wavelet based MCM technique, namely filtered orthogonal wavelet division multiplexing (F-OWDM), is proposed as an efficient alternative to conventional F-OFDM (C-F-OFDM) to reduce the PAPR. In this model, the traditional Fourier transforms (FT) as used in C-F-OFDM was replaced with Wavelet Transforms. The proposed F-OWDM system does not require a cyclic prefix because of the overlapping sub-carriers in the time and frequency domains. Thus, the F-OWDM system exhibits higher bandwidth efficiency. In this paper, the performance of the F-OWDM system with various wavelets from different wavelet families under an additive white Gaussian noise and flat fading channel is investigated. The PAPR and bit error rate (BER) of the F-OWDM system using Haar, discrete Meyer, bi-orthogonal, symlet, and Daubechies wavelets are analyzed. A comparative study between F-OWDM and C-F-OFDM is also presented. From the results, it is able to prove that F-OWDM has the advantage of lower PAPR and lower bit error rate than the C-F-OFDM system.