The demand for wireless networks has been growing rapidly over the recent past due tornimproved reliability, higher supported data rates, seamless connectivity between users and thernaccess point, and low deployment costs relative to wireline infrastructure. This increase inrndemand started with the popular IEEE 802.11b wireless local area network standard.rnMany recent wireless network standards are now employing DFT based multicarrierrnmodulation (MCM) popularly termed as OFDM in their design. Multicarrier modulationrnreduces the systemâ€™s susceptibility to the frequency selective fading channel, due to multipathrnpropagation, by transforming it into a collection of approximately flat subchannels. As arnresult, this makes it easier to compensate for the distortion introduced by the channel. Therneffects of the Intersymbol Interference (ISI) and Intercarrier Interference (ICI) are reduced byrnthe application of cyclic prefix. On the other hand, related research in wavelets points that duernto the high spectral containment of wavelet filters the performance of MCM improves.rnThis thesis work investigates simulation based performance of the DFT-based and WaveletbasedrnMCM. The channel model and system models for both MCM schemes are considered.rnAnd using bit error rate (BER) versus signal-to-noise ratio (SNR) as measure of performance,rntransmission scenarios are implemented in AWGN channel and time varying multipathrnchannel models and studied. Channel coding performances and the effects of carrierrnfrequency offset are investigated.rnThe performance results obtained by the simulation indicate that the wavelet-basedrnimplementation outperforms that of DFT-based in some channel scenarios. While in otherrnchannel models the DFT-based MCM shows increased performance.