A field experiment was conducted on the slope field in Yimeng Mountain to explore the effects of nutrient release from controlled-release fertilizer on soil phosphorus (P) and potassium (K) losses, peanut yield and P and K use efficiency. Five treatments were set up including controlled-release fertilizer with full and reduced 30% of recommended fertilization rate (CRF1, CRF2), common compound fertilizer with full and reduced 30% of recommended fertilization rate (CF1, CF2), and no fertilization treatment as control (CK). The results show that the release patterns of CRFs is consistent with the absorption characteristics of P and K by peanut plants, and combined with the supply of P and K from soil, which can meet the nutrient requirements of peanut plants in different growth periods. Under the same fertilization rate, CRFs significantly increase peanut pod yields by 5.75%–12.01% than CFs, meanwhile, CRF2 increases peanut pod yield by 3.75% than CF1. Compared with CFs, CRFs increase P and K uptake by peanut plants by 11.46%–11.78% and 10.44%–12.38% respectively, CRF2 has the highest P and K use efficiencies, which reach to 45.48% and 51.84%, respectively. The contents of soil available P and K are decreased with the increase of soil depth, soil available P content in 0–40 cm is higher under CFs than CRFs at seeding stage, but opposite after pegging stage, and no significant difference is found below 40 cm among different treatments. CRF significantly increases soil available K content in 0–60 cm after the pegging stage, but no significant difference is found in soil available K content in 60–100 cm at different stages. In the first three runoff events, CRFs significantly reduce available P and K contents in surface runoff water. Besides, water-soluble P and K contents in runoff water are decreased and tend to be stable at the later stage under all treatments, and no significant difference is found among different treatments. Therefore, CRF can reduce runoff and leaching losses of soil available P and K, improve nutrient use efficiency and peanut yield, and thus promote sustainable development of ecological agriculture.