An apparatus and method for reducing a Peak-to-Average Power Ratio (PAPR) are provided. The apparatus includes a gain processor for multiplying time signals in paths by gains set for respective paths, a delay processor for delaying gain-multiplied signals in second to last paths except for a first path by time delays set for respective second to last paths, a summer for summing the gain-multiplied signal for the first path received from the gain processor and the delayed signals received from the delay processor, a PAPR processor for measuring a PAPR of the summed signal received from the summer, for comparing the measured PAPR with a target PAPR, and for requesting one or more changes of at least one of the gain and time delay of each path, and a gain delay controller for changing the at least one of the gain and the time delay of each path according to the request received from the PAPR processor and for controlling the gain processor and the delay processor according to the change.