In order to solve the high Peak-to-Average Power ratio (PAPR) problem in high speed wireless system, a hybrid PAPR reduction method is produced in this paper. By using both Tone Reservation (TR) and Selected Mapping (SLM) techniques we can develop an optimal and simple PAPR reduction technique for high-speed wireless OFDM systems. TR is very simple to implement, but requires an extra negligible complexity for about 1dB improvement and has to sacrifice 4% of the bandwidth as reserved tones. By combining TR with SLM, an optimal and simple PAPR reduction technique is developed to achieve more spectrum band efficiency and reduced complexity. Simulation results show that TR can be combined perfectly with SLM to achieve better PAPR reduction effects, and we can also get improved better results by adjusting the design parameters appropriately.