Farrow structure is used in the efficient implementation of high order filters. The number of unknown coefficients is much less in Farrow structure based implementation, in comparison with the direct form implementation of FIR filters. Some predefined multipliers can also be used in this method. Since they are known apriori they will not add much to the complexity of the system. It is seen that a relatively strong correlation exists among the adjacent impulse response coefficients of the frequency selective filters. This fact is exploited in the Farrow structure to reduce the number of multipliers required for the implementation of desired filter. And these Farrow coefficients are used for representing the polyphase components of the desired filter. This Farrow structure based prototype filter is used for implementing an FBMC-OQAM system. BER performance of Farrow structure based FBMC-OQAM system is studied and found comparable with that of existing FBMC-OQAM system.