Noise radar waveform, as an important waveform in the field of low-probability-of-intercept radars, has been widely studied. However, the general noise waveform has a high peak average power ratio (PAPR), which leads to a reduction of signal-to-noise ratio. Thus, it is necessary to control the noise waveform PAPR to a suitable range. In this paper, the PAPR value reduction problem of low sidelobe noise waveform is studied. First, the proposed new algorithm is given a general overview. Then, the Combined Spectral Shaping and Peak-to-Average Power Ratio Reduction (COSPAR) algorithm is adjusted according to the alternate projection method and phase retrieval algorithm, and an improved COSPAR (ICOSPAR) algorithm with a faster execution speed and higher waveform generation efficiency is derived. The specific method performs waveform projection between the spectral constraint domain and the PAPR constraint domain and then evaluates the computational load of the ICOSPAR algorithm. Simulation results show that the ICOSPAR algorithm is reliable and efficient in generating low PAPRs and low sidelobe noise waveforms.