For the complex relationship between phosphorus (P) and zinc (Zn) in plants, a field experiment was conducted to study the combined effects of phosphorus (P) and zinc (Zn) fertilizers on P, Zn absorption, accumulation, distribution at different growth stages and yield of peanut. The results showed that the shoot dry weight and peanut yield were significantly increased under both P and Zn application. Under the same amount of Zn, compared with no P application, P content and accumulation in peanut shoots, shells and kernels were increased, but Zn content, P and Zn harvest indexes and pod Putilization efficiency were decreased under P application. The reduction of Zn content in shoots depended on the growth stage and Zn application rate. With the increase of P rate, Zn content in peanuts was significantly decreased at the seedling stage, pre-flower stage and without Zn application, the reduction of Zn content in shoots was gradually weaken at the late stage of anthesis, podding stage, maturity stage and the application of Zn fertilizer, indicating that the antagonistic effect of P and Zn was stronger in the earlier growth stage than that in the latter one, no application Zn fertilizer than the application of Zn fertilizer. The effect of P application on Zn accumulation in peanuts depended on Zn rate and the growing part of peanut. Zn accumulation in shoots was promoted by the medium P rate under no Zn application, while under Zn application, Zn accumulation in shoots was promoted by the medium and high P rate. Unlike the aboveground part, Zn accumulation in shells and kernels were significantly decreased under high P rate. Under the same rate of P, Zn fertilizer had no significant effect on P content in all parts at the whole growth stage and P accumulation at the late growth stage, but P accumulation in shoots at seedling stage and pre-flower stage, P accumulation in shells and kernels at early maturing stage, P harvest index and pod P efficiency were significantly increased. In short, the interaction of P and Zn is affected by peanut growth stage, growing parts and Zn application rate, and the effect of P on Zn was stronger than the effect of Zn on P.