Wireless communication network is the backbone of each and every organization of today modern globe. The rapid emergence of smart devices, smart homes, internet of things and clean energy become key sources in today society. In result the data traffic, emerging of new service and application are increase every year. Hence, there is a growing demand for 5G technology in all above mentioned fields. Therefore, better waveform types for 5G technology is needed, which has ability of high spectral efficiency, lower latency and less complexity. It is predicted that the data traffic will arise 1000x in near future. In this work filtered orthogonal frequency division multiplexing (F-OFDM) and universal filtered orthogonal frequency division multiplexing (UF-OFDM) techniques will be discussed to degrade key issues such as computational complexity, peak average power ratio (PAPR), lower spectral efficiency, and higher latency. The suggested work will clearly overcome the drawbacks faced by previous work like limited capacity and complexity. We also analyze algorithms and simplification for F-OFDM and UF-OFDM waveforms from an implementation perspective towards low complexity and efficient transceiver design. Moreover, F-OFDM and UF-OFDM will be mainly based on multicarrier modulation and will be enabled to reduce to out-of-band power leakage (OOBPL) of OFDM.