Aiming at the problem that the Peak-to-Average Power Ratio (PAPR) is too high and the complexity of the traditional suppression method is too high for the Filter Bank MultiCarrier/Offset Quadrature Amplitude Modulation (FBMC-OQAM) system, a new method of suppressing in FBMC-OQAM system was proposed. Firstly, based on the traditional Partial Transmit Sequence (PTS) method, the system characteristics have been improved, the Iterative PTS (IPTS) algorithm was obtained, which complexity was significantly lower than that of the traditional PTS algorithm. Secondly, the IPTS algorithm and the Clipping algorithm were used as a new IPTS-Clipping joint algorithm in FBMC-OQAM system. The FBMC signal was processed by the IPTS algorithm and then the clipping method was used to further suppress the PAPR of the system. The results of theoretical analysis and simulation show that compared with the traditional PTS algorithm, the proposed algorithm reduces the number of calculations by about 70%. When the cumulative distribution function CCDF reaches 10 ^-3, the PAPR value of the proposed algorithm is 48.5%, lower than that of the original signal, and 33% lower than that of PTS. The suppression effect is obviously better than other methods. The proposed algorithm not only can significantly suppress the PAPR of FBMC system, but also has much lower complexity than other original algorithms.