Cardiac monitoring based on wearable photoplethysmography (PPG) is widespread because of its usability and low cost. Unfortunately, PPG is negatively affected by various types of disruptions, which could introduce errors to the algorithm that extracts Pulse Rate Variability (PRV). This study aims to identify the nature of such artifacts caused by various types of factors under the conditions of precisely planned experiments. We also propose methods for their reduction based solely on the PPG signal while preserving the frequency content of PRV. The accuracy of PRV derived from PPG was compared to Heart Rate Variability (HRV) derived from the accompanying recorded ECG. The results indicate that filtering PPG signals using the Discrete Wavelet Transform and its inverse (DWT/IDWT) is suitable for removing slow components and high-frequency noise. Moreover, the main benefit of amplitude demodulation is better preparation of the PPG to determine the duration of pulse cycles and reduce the impact of some other artifacts. Postprocessing applied to HRV and PRV indicates that the correction of outliers based on local statistical measures of signals and the AR model is only important when PPG is of low-quality and has no effect under good signal quality. The main conclusion is that DWT/IDWT, followed by amplitude demodulation, enables the proper preparation of the PPG signal for the subsequent use of PRV extraction algorithms. However, postprocessing in the proposed form should be applied more in the situations of observed strong artifacts than in motionless laboratory experiments.