OFDM is one among the most potential candidate currently used in modern digital transmission. It’s a special form of multi carrier transmission where a single data stream is transmitted over a number of other lower data rate subcarriers. One of the most challenging and most talked about issue in ODFM is high PAPR (Peak to Average Power Ratio). In this paper, we have done review and analysis of different existing PAPR reduction techniques for OFDM System based on various parameters like bandwidth expansion, performance, spectral spillage and computational complexity.