Multipliers are the basic building blocks of signal processing and arithmetic based systems. The objective of this paper is to design a high speed multiplier that significantly improves the performance of many high performance DSP, multimedia and communications systems. This paper proposes a high speed radix 8 Booth multiplier employing signed digit representation for recoding and radix 8 modified Booth algorithm that reduces the number of partial products to n/3. The design of the multiplier is based on Wallace tree architecture with considerable improvement in performance. This paper compares the performance of conventional multiplier with radix 4 tree based Booth multiplier and radix 8 tree based Booth multiplier. The radix 8 tree based Booth multiplier is synthesized using Quartus II simulation tool. The proposed radix 8 tree based multiplier exhibits better performance with respect to area and operating frequency when compared to conventional multiplier.