The climate changes influence the growing suitability of peanut, an important oil crop. Climatic suitability evaluation in the Huang-Huai-Hai region, the main peanut producing region of China, which can optimize peanut planting structure and provide basis for increasing output. In this study, the temperature, precipitation, sunshine and comprehensive suitability models were established by using the climatic suitability function in different growth periods of peanut. In this study, the climate suitability function of peanut in different growth periods was used to establish the temperature, precipitation, sunshine and comprehensive suitability model. Combined with the meteorological data after Anusplin interpolation, the spatial distribution and chronological change of peanut climate suitability were analyzed. The results show that with climate change, the overall climate becomes warmer and drier and the temperature and precipitation suitability increase, but the sunshine suitability decreases. Based on the comprehensive suitability model, the suitability evaluation results are divided into four levels: the most suitable, suitable, sub-suitable and unsuitable. Among them, the most suitable peanut planting areas in the Huang-Huai-Hai region are concentrated in the west of the Haihe River Basin and the Huaihe River Basin. The data from the next 30 years show that both the most suitable and suitable areas have been expanded. Through the verification of yield correlation analysis and spatial distribution of disaster frequency, it can be seen that the evaluation results have high accuracy, which can be used to guide and optimize peanut production practices.

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Agricultural drought is a major problem facing China’s agricultural production. In this study, the cash crop ‘peanut’ was used as an example to explore vulnerability. Through the atmosphere–plant–soil continuum system, a single index that could represent different types of droughts affecting peanuts was selected and weighted using the CRITIC weighting method to construct a multi-source data fusion drought index (MFDI). Then, Pearson correlation analysis between the comprehensive drought index and relative meteorological yield and the Mann–Kendall trend test for different growth periods of peanuts were used to verify MFDI and analyze the variation over time. A three-dimensional vulnerability assessment method of drought intensity–drought duration–yield reduction rate was established based on the run theory and trend surface analysis. The results show that the constructed multi-source data fusion drought index (MFDI) can more accurately characterize the actual drought conditions of peanuts in Shandong Province. The MFDI results showed that the drought severity in the coastal areas of the study area decreased with the growth and development of peanuts, while the drought became more severe in the western and northern parts during the late growth period of peanuts. The vulnerability surface of the drought intensity–drought duration–yield reduction rate showed that when the drought intensity was <0.8 and the duration was <3.5 months, the vulnerability of peanut crops was low, and then with the increase in drought intensity or duration, the vulnerability increased. The impact of drought duration cannot be ignored. In contrast to traditional vulnerability assessment methods, this study established a three-dimensional vulnerability surface, which provides a new approach for agricultural drought vulnerability assessment. The research results are helpful for a deeper understanding of the relationship between drought and crop vulnerability and provide scientific support for local governments in formulating disaster prevention and mitigation policies.