Multi-input multi-output (MIMO) in combination with orthogonal frequency division multiplexing (OFDM) has numerous advantages over ISI, such as robustness and excellent spectrum efficiency, but it also has some drawbacks. The fundamental issue that emerges in OFDM frameworks is high PAPR. There are numerous methods accessible for lessening of PAPR like tone reservation (TR), clipping, partial transmit sequence (PTS) etc. The main aim of this article is to mitigate PAPR by solving the issues that currently exists. In this paper, a unique hybrid strategy i.e., Gaussian pulse-based TR with PTS (GPTR-PTS), is developed by pairing the PTS and Gaussian pulse-based TR techniques to reduce the PAPR. The primary idea behind the GPTR-PTS technique is to calculate the additive time-domain signal, which minimizes the PAPR of the real transmit signal while increasing the average power, lowering the power efficiency of the OFDM system. Hence, the approach utilizes a firework based genetic optimization (FWGO) algorithm procedure to reduce the average power. Further, the FWGO-GPTR-PTS scheme is employed to the obtained signal to reduce the PAPR. The proposed methodology is implemented in MATLAB and the results obtained are compared with the existing methods.