This paper discusses the multipath compensation technique for pulse based UWB systems. The RAKE reception is common technique as the multipath compensation technique. The multi-carrier pulse is possible to control the power spectrum density in the frequency domain. In this paper, the iterative RAKE reception by using the multi-carrier pulse is proposed to obtain better reception performance. The root mean square error (MSE) between the ideal received signal and approximated multi-carrier pulse is evaluated. The error becomes smaller by using proposed RAKE reception technique, because the correlation of the template pulse in each RAKE finger can be reduced by the iterative RAKE and the frequency selective fading can be compensated by using the multi-carrier pulse. The bit error rate (BER) performances are also evaluated to show the effectiveness of the proposed RAKE reception.