While multimodal reasoning models (MLRMs) have exhibited impressive capabilities, they remain prone to hallucinations, and effective solutions are still underexplored. In this paper, we experimentally analyze the hallucination cause and propose C3PO, a training-based mitigation framework comprising \textbf{C}hain-of-Thought \textbf{C}ompression and \textbf{C}ontrastive \textbf{P}reference \textbf{O}ptimization. Firstly, we identify that introducing reasoning mechanisms exacerbates models' reliance on language priors while overlooking visual inputs, which can produce CoTs with reduced visual cues but redundant text tokens. To this end, we propose to selectively filter redundant thinking tokens for a more compact and signal-efficient CoT representation that preserves task-relevant information while suppressing noise. In addition, we observe that the quality of the reasoning trace largely determines whether hallucination emerges in subsequent responses. To leverage this insight, we introduce a reasoning-enhanced preference tuning scheme that constructs training pairs using high-quality AI feedback. We further design a multimodal hallucination-inducing mechanism that elicits models' inherent hallucination patterns via carefully crafted inducers, yielding informative negative signals for contrastive correction. We provide theoretical justification for the effectiveness and demonstrate consistent hallucination reduction across diverse MLRMs and benchmarks.