PAPR (Peak to Average Power Ratio) is one of the issues in the design of the OFDM (Orthogonal Frequency Division Multiplexing) system. In this paper, the authors use a novel curve fitting based tone reservation method to reduce the PAPR of the OFDM system. The main idea of CF-TR method is to generate an ideal peak canceling signal by utilizing the clipping noise introduced by clipping. This method obtains a significant PAPR reduction with very few iteration by using only one IFFT operation in each iteration, thus the computational complexity is reduced to a greater extend. In this method tones are allocated in advance, but if there is no need for PAPR reduction those tones goes unused which can be used for data transmission.