In order to clarify the application effects of peroxides, three soil treatments were set up, namely CK (no reagent added), calcium peroxide treatment (400 g/m², T1) and hydrogen peroxide treatment (2 L/m², T2) and the effects of peroxides on soil properties and microbial communities were investigated by using Illumina MiSeq high-throughput sequencing methods. The results showed that T1 increased but T2 decreased soil pH, both T1 and T2 significantly reduced soil nutrient contents, with available phosphorus content reduced by 46.80% and 42.81%, available potassium content decreased by 45.94% and 43.13% and nitrate nitrogen content declined by 44.32% and 21.48%, respectively. However, peroxides had no significant effect on soil organic matter and ammonium nitrogen content. T1 increased the diversity and richness of soil bacterial and fungal communities. At the phylum level, peroxides increased the relative abundances of beneficial bacterial phyla such as Protebacteria and Gemmatimonadota, while decreased the relative abundances of Chloroflexi and Mortierellomycota. At the genus level, peroxides increased the relative abundances of beneficial fungal genera such as Gemmatimonas. and Neocosmospora, while decreased the relative abundances of harmful fungal genera such as Phoma. Redundancy analysis showed that soil pH, nitrate nitrogen and available potassium were the key soil factors affecting bacterial community composition, while soil pH, available potassium and available phosphorus were the key soil factors affecting fungal community composition. In conclusion, peroxide can alleviate the peanut continuous-cropping obstacle by improving the microbial environment, thus, can be effectively applied to practical production combined with fertilization measures.