Abstract: The multi-function carrying capacity of distributed network radar is a hot spot in the field of radar research. The multifunctional waveform design method based on OFDM signal for radar and communication sharing has attracted widespread attention. One of its core problems is the high envelope peak-to-average ratio (PMEPR). Based on OFDM signal, this paper has studied a multi-functional waveform design method for distributed networked radar used adaptive clipping iterative clipping and filtering technique (AC-ICF) and tone reservation (TR) technique. Firstly, we modeled the multi-functional waveform used by the radar network based on the OFDM signal. Secondly, on the basis of the signal model, we studied the waveform design method combining AC-ICF and TR techniques with low PMEPR. Finally, the feasibility of the waveform design method was verified through computer simulation, and the problems faced in it were analyzed and discussed, at the same time, the radar and communication performance of the optimized design waveform are briefly analyzed.