As demand for higher data rates is continuously rising, there is always a need to develop more efficient wireless communication systems. The work described in this paper is an effort in this direction. We have proposed a novel OFDM system base on DT-CWT. In the proposed scheme, DT-CWT is used in the place of FFT. The proposed scheme offers the best PAPR performance than the conventional OFDM and wavelet packet modulation (WPM) systems at the expense of acceptable computational complexity without using any pruning techniques. The complementary cumulative distribution function (CCDF) of PAPR for the proposed scheme signal achieves about 3 dB improvement in PAPR over the traditional OFDM and WPM signals at 0.1% of CCDF. Also the proposed scheme achieves excellent improvements in BER over conventional OFDM and WPM systems. The need for CP is eliminated in the system design due to the good orthogonality and time frequency localization proprieties of the wavelet.