In this paper, a combination of Tone Reservation-Signal to Clipping noise Ratio (TR-SCR) and Companding schemes is proposed for underwater wireless optical communication (UOWC), in order to solve the problem of high peak-to-average power ratio (PAPR) of underwater Optical-Orthogonal Frequency Division Multiplexing (O-OFDM) system. Two optical modulation schemes, namely Direct Current-biased Optical OFDM (DCO-OFDM) and Asymmetrically Clipped Optical OFDM (ACO-OFDM), are adopted separately to achieve intensity modulation/direct detection over the seawater channel, with a distance of 100 meters of wireless optical transition to obtain the system bit error rate (BER). In the TR-SCR scheme, only the maximum amplitude signal is selected to reduce the complexity of the algorithm. The LSA method is introduced in the TR-SCR scheme for iteratively updating the signal to speed up the convergence. Finally, with the combination of the Companding scheme, the PAPR performance is significantly improved. The PAPR of the underwater optical OFDM system is reduced to 3.85 dB with its BER still satisfying the UOWC system requirements.