The present invention provides a signal modulation method which includes the following steps: a input signal is channel encoded, and the channel encoded signal is processed by the following one or several ways: channel scrambling, interleaving, duplicating and puncturing; the signal being processed is divided into two components I and Q, wherein the two components I and Q compose a signal pair; the signal pair is divided into more than one path, and respective path of signal is quadrature phase shift keying spectrum spreading modulated using different spectrum spreading sequence and is orthogonally modulated in order that the peak-to-average power ratio of the respective paths of signal being orthogonally modulated are obtained; and a path of signal having the smallest peak-to-average power ratio is selected to be outputted as an output signal. The signal modulation method can reduce the signal PAPR significantly, not only is propitious to the design of the power amplifier, but also reduces the cost of the power amplifier.