Orthogonal frequency division multiplex/offset QAM (OFDM/OQAM) has been proven to be a promising multi-carrier modulation (MCM) technique for the transmission of signals over multipath fading channels. However, OFDM/OQAM has also the intrinsic disadvantage of high peak-to-average-power ratio (PAPR) that should be alleviated. This paper focuses on the reduction of the clipping noise and out-of band radiation caused by the clipping process. The basic principle is to estimate the clipping noise and then eliminate it from the received signal. Analysis and simulation results show that, with one time iteration, the proposed method can effectively improve the bit error ratio (BER) performance.