Orthogonal Frequency Division Multiplexing(OFDM) is one of the most promising techniques for 4th generation communication systems. One of the main disadvantages of OFDM is the Peak to Average Power Ratio(PAPR). In this paper, a recoverable peak cancellation(RPC) technique that recovers the cancelled part for the peak-cancelled OFDM signal is introduced. Using the RPC technique, the bit error rate(BER) performance can be greatly improved and the efficiency of the PAPR reduction is nearly that of the clipping method, at a cost of slightly reducing the transmission data rate.