Abstract—Filter Bank Multicarrier (FBMC) with offset QAM (OQAM) is a possible waveform candidate for 5G and future wireless systems and standards. FBMC is realized using either polyphase network (PPN)-FFT or Frequency Spread (FS)-FBMC. In this paper, channel coding schemes such as turbo codes and low-density parity check (LDPC) codes were investigated in terms of their peak-to-average power ratio (PAPR) and bit-error-rate (BER) reduction performances for FS-FBMC/OQAM and Orthogonal Frequency Division Multiplexing (OFDM) systems in additive white Gaussian noise (AWGN) channel. Simulation results show that turbo coded and LDPC coded FS-FBMC/OQAM systems performed better than turbo coded and LDPC coded OFDM systems in terms of BER performance. Also, LDPC coded FS-FBMC/OQAM system because of its adequate BER performance, reasonable PAPR performance, and reduced computational complexity was found to be an appropriate choice among other systems for 5G and future wireless networks. It was also found that incorporating channel coding resulted in a very large coding gain with only a minor rise in the system's PAPR value.