Abstract: Waterlogging stress is one of the major abiotic constraints on the stable and high yield of peanut. The peanutproducing regions in the Huang-Huai-Hai Plain and the middle and lower reaches of the Yangtze River are particularly affected due to concentrated summer precipitation, with both the frequency of waterlogging disasters and the magnitude of yield reduction being higher than the national average. This paper systematically reviews the effects of waterlogging stress on root morphology, above-ground growth, yield, and quality of peanut. It elaborates on the physiological response mechanisms from the perspectives of photosynthetic system damage, reactive oxygen species imbalance, anaerobic respiration pathway shift, and osmotic regulation. Genetic differences in waterlogging tolerance among peanut varieties and the corresponding identification and evaluation systems are summarized. The review also synthesizes coping strategies, including breeding of waterlogging-tolerant varieties, optimization of cultivation practices, chemical regulation, and post-disaster recovery. Current research still exhibits controversies in the evaluation of growth-stage sensitivity to waterlogging, the relationship between key anaerobic respiratory enzymes and waterlogging tolerance, and the standardization of waterlogging tolerance identification indices. Future efforts should focus on multi-omics integration, meteorological risk-based dynamic early warning, high-throughput phenotyping for waterlogging tolerance, and molecular design breeding, so as to establish a “monitoring-warning-prevention and control” integrated disaster response system for peanut waterlogging, thereby providing theoretical and technical support for waterlogging resistance and disaster mitigation in peanut production.