It aims at analyzing the performance of wireless VOIP (Voice Over Internet Protocol) system for packet based (4G/5G) communication using wavelets. Here, transmission system for wireless VOIP is proposed to be prepared on the basis of Wavelet Transform based data (Image and Audio). The working of each wavelet is going to be analyzed on the basis of Signal-to-Noise Ratio (SNR), Peak Signal-to-Noise Ratio (PSNR), Root Mean Squared Error (RMSE), Percentage of Retained Signal Energy (PRSE) and Compression Ratio (CR). The other parts of analysis includes Packet Loss (PL), Delay and Throughput. All these parameters are going to be evaluated on raw data (i.e. without using wavelets) and with using different wavelets. The simulation results indicate that the proposed model provides better performance when different wavelets are used as compared to Markov’s model. It has been shown that the results of the Daubechies family are better as compared to its counterparts. This model may be used for high speed IP based cellular system where delay (Latency) gets affected the most. As far as 5G is concerned, it may be used by technique of parallel computing.