Abstract: 【Objective】 To explore the relationship among peanut growth and development, photosynthetic characteristics and dry matter distribution under drought stress in different growth periods and study the effects of drought stress on peanut growth and yield. 【Methods】 The agronomic characters, photosynthetic characteristics and drought resistance characteristics were analyzed by using Huayu 25 and Huayu 33. 【Result】 The results showed that:(1) Significant effect of drought on flowering during flowering.(2) During drought stress, the main photosynthetic characteristics of the leaves of the tested varieties were reduced, and the intercellular CO₂ concentration decreased by more than 2 times. (3) Drought severely affected the dry matter of peanuts, and the dry matter quality of peanut roots, needles, and young fruits in the whole growth stages were decreased by more than 50%. (4) In the drought resistance index, the drought resistance index and drought resistance index all showed seedling stage > pod-setting period > flower needle period > full growth period. The drought injury index was opposite to the drought coefficients and drought resistance index. 【Conclusion】 Flowering needle stage is the most sensitive period of drought stress, followed by the drought during the pod-bearing period and the full growth period, while seedling stage is the least sensitive to drought. During cultivation, sufficient soil moisture should be ensured during the flowering and pod-bearing periods and irrigation measures should be taken in time to ensure the increase of peanut yield.