The key goals of the forthcoming 5G telecommunications standard are high peak data speeds, low latency, the highest quality of service, and greater channel capacity. To meet the aforementioned requirements, waveform production at the physical layer must be flexible. Current 4G-LTE OFDM transmission cannot support 5G communications due to severe limitations such as subcarrier orthogonality, out-of-band radiation, high peak-to-average power ratios, inter-carrier interference, and inter-symbol interference (ISI). A Filter Bank Multi Carrier (FBMC), a Universal Filtered Multi-Carrier (UFMC), and Generalized Frequency Division Multiplexing (GFDM) are all various Multi-Carrier Modulation (MCM) systems as a result of a few alterations made to OFDM (GFDM). Multi-carrier systems based on filter banks have recently piqued interest as a possible approach for next-generation wireless communication systems. These systems, however, must evolve into a new multi-carrier approach, universal-filtered multi-carrier, due to their high complexity and extended symbol duration (UFMC). A fixed size of resource block (RB) in conventional UFMC systems limits spectrum use flexibility and enhances computational complexity. Between these MCM systems, FBMC and UFMC have the biggest potential for 5G adoption. The power spectral density (PSD), bit error rate (BER), and peak to average power ratio (PAPR) of the UFMC and FBMC are investigated in this study (PAPR). As a consequence, numerous factors such FFT size, mapping symbol, subcarriers, side lobe attenuation, and filter length are compared between UFMC and FBMC. For the performance evaluation of UFMC and FBMC, MATLAB 2020 was used. UFMC appears to be a superior 5G mobile cellular communication solution than the more standard FBMC, as proven in the simulations.