Waveforms play a key role in overlapping time division multiplexing (OvTDM) system. The OvTDM has been proved to be a novel transmission technique that can utilize time diversity to improve the bit error ratio (BER) performance in Rayleigh channel. According to the resulted law, the BER performance of Gaussian waveform in OvTDM also improves with the increase in the waveform parameter monotonically, and the rectangular waveform is the worst case of Gaussian waveform. In contrast, the spectrum effectiveness of Gaussian waveform OvTDM decreases with the increase in the waveform parameter. In the study, it is obtained that waveforms can achieve the best performance when the smallest correlation coefficient between neighbor symbols is e-1.