Moisture stress and low soil fertility are among the most important factors responsible for low productivity and profitability of peanut (Arachis hypogaea L.) in India.Conservation agriculture (CA) can delay or minimize moisture stress impacts on crop plants and improve the soil fertility. Hence, a field experiment was conducted at Research Farm of ICAR-Directorate of Groundnut Research, Junagadh, during 2015-2016 and 2016-2017 to evaluate the effects of different CA practices on soil moisture, soil fertility, yield, and profitability of peanut systems. Treatments consisted of four tillage practices in main plots (conventional tillage [CT], minimum tillage [MT], zero tillage [ZT], and rotary tillage [RT]); two residue management practices in sub-plots (residue removal [NR] and residue retention [RR]), and two intercropping systems in sub-sub plots using peanut, pigeonpea [Cajanus cajan (L.) Millsp.], and cotton (Gossypium hirsutum L.) (peanut+pigeonpea [PP] and peanut+cotton [PC]) systems and replicated thrice. Minimum tillage and residue management practice RRimproved soil moisture content, soil porosity, soil organic C, nutrient status (mainly at 0-15 cm), and soil enzymatic activities and decreased soil temperature variation and soil penetration resistance. Minimum tillage and RR resulted in higher financial returns over CT and NR, respectively. Among the cropping systems, PP was found more productive and profitable as compared to PC. Thus, in the light black soils of Saurashtra, India, MT along with RR seems to be a suitable option particularly during the initial years of shifting to CA to retain soil moisture, improve soil fertility, and provide higher financial returns.