Peak-to-Average Power Ratio (PAPR) reduction using Tone Reservation (TR) method is studied for the application in Offset Quadrature Amplitude Modulation based Orthogonal Frequency Division Multiplexing (OFDM/OQAM) transmission using bank of filtered subcarriers. The novel TR method for the filtered subcarriers is presented, which takes into consideration the overlapping nature of the OQAM signals. To eliminate the peaks of the OFDM/OQAM signals effectively, the proposed Overlapped Scaling Tone Reservation (OS-TR) method generate the peak cancelling signal by considering the least square approximation algorithm with possible adjacent symbol overlap. Simulation results show that the proposed method used in OFDM/OQAM system can provide better performance than Controlled Clipping Tone Reservation (CC-TR) method directly used in the OFDM/OQAM system and even outperform Multi Block-Tone Reservation (MB-TR) method.