Vetiver grass (Vetiveria zizanioides L.) hedgerow and straw mulching are important measures for soil and water conservation. To study the effects of vetiver grass hedgerow and straw mulching on soil fertility in hilly land of red soil, one field experiment was set up in 2011 which included CK, vetiver grass hedgerow (VGH), straw mulching (SM), and vetiver grass hedgerow with straw mulching (VGH+SM). The results showed the grain yield of peanut was in order of SM > VGH+SM > VGH and CK. Compared with CK, the grain yield of SM and VGH+SM were increased by 31.74% and 15.23% in 2011, 59.39% and 41.65% in 2012, respectively. Vetiver grass hedgerow and straw mulching could significantly improve soil organic matter, alkali solution nitrogen, available phosphorus and potassium contents. The soil alkali-hydrolysable nitrogen, available phosphorus and available potassium in VGH+MS were higher than CK. However, the increment of soil organic matter and available nutrient were dropped with increasing of experimental years. It indicated that grass hedgerow and straw mulching can keep soil fertility and maintain soil available nutrients through adding straw input in sloping land of red soil.