This study examined the effect of peanut quality on the storage stability of peanut butter. The quality of 17 varieties of peanuts was analyzed, and each was used to prepare peanut butter. For different storage temperatures and durations, stability of the peanut butter was measured according to three indicators: peroxide value, acid value, and centrifugal rate. The correlation between peanut components and peanut butter storage stability was also investigated. The results indicated significant differences in fatty acid composition between different varieties of peanut. Peanut butter prepared with high oleic peanuts (Kainong 17-15) had a significantly longer shelf life than that of other varieties. The significant correlation between the stability of peanut butter and peanut quality suggests that oleic acid and linoleic acid were the main influencing factors on stability. This study finds that the high oleic peanuts (HOP) is the most suitable variety for making peanut butter, which can allow farmers and processors to choose the specific variety for better product and shelf life.