Orthogonal Frequency Division Multiplexing (OFDM) is a type of Multicarrier Modulation (MCM) technique in which entire bandwidth is divided into large number of small sub-carriers and each subcarrier is transmitted parallel to achieve higher data rates. It has various applications like Digital Audio Broadcasting (DAB), Digital Video Broadcasting (DVB) and wireless LAN.OFDM technique is widely used in wireless communication system because of its very high data rate. The performance of FFT based OFDM system using Linear and cyclic channel coding and Constant Modulus Algorithm (CMA) equalizer is simulated using simulink model. The BER saving using the optimized proposed model with both linear and cyclic channel coding along with CMA equalizer is evaluated. The proposed work using cyclic channel coding with QPSK/QAM modulation and CMA as channel equalization under AWGN channel results in 52.6% and 96.3% BER reduction as compared to conventional OFDM model without channel coding, channel equalization and channel fading. So, CMA equalizer is used to enhance the performance of OFDM system.