Long term excessive application of chemical fertilizer can aggravate soil environment deterioration and cause severely soil-borne disease. In order to provide a basis for the production of organic-inorganic compound fertilizer with more scientificity and higher reliability for high yield and efficient cultivation of peanut, an experiment was conducted to study the growth traits, yield and quality as well as fertilizer efficiency of peanut, in which four fertilization treatments were designed, including no fertilizer (CK), chemical fertilizer treatment (NPK) and two organic-inorganic compound fertilizer treatments (T1 and T2) under same rate of fertilizer application. The results showed that, compared with CK, the treatments of NPK, T1 and T2 promoted the growth of peanut, increased soil available nutrients, and increased peanut yields by 9.5 %, 17.3 % and 19.7 %, respectively. Compared with NPK treatment, the treatments T1 and T2 increased soil pH and available potassium, obviously improved agronomic characters of peanut and increased peanut yields by 7.1 % and 9.3 %, fertilizer partial productivities by 21.0 % and 23.5 % and fertilizer contribution raters by 6.0 % and 7.8 %, respectively. Therefore, under the condition of equal amount of fertilizer application, organic and inorganic compound fertilizer can effectively improve soil nutrients, yield and agronomic characters of peanut, enhance partial productivity and contribution rate of fertilizer. So, organic and inorganic compound fertilizer is an important fertilization method for sustainable development of peanut.