This paper presents the implementation and design of Radix-8 Booth Multiplier using 32-bit parallel prefix adders. High performance processors have a high demand in the industrial market. For achieving high performance and to enhance the computational speed multiplier plays a key role in performance of digital system. But the major drawback is it consumes more power, area and delay. To enhance the performance and decrease the area consumption and delay there are many algorithms and techniques. In this paper we designed a radix-8 Booth Multiplier using two parallel prefix adders and compared them for best optimized multiplier. The number of partial products generation can be reduced by $n/3$ by using radix-8 in the multiplier encoding. To further reduce the additions we have used Booth recoding mechanism. We have implemented the design using Kogge-Stone adder and Brent-Kung adder. We observed that by using parallel prefix adders reduces the delay further more which results in significant increase in speed of the digital systems. The simulation results are carried out on XILINX VIVADO software.