The aim of this study was to develop a double function active packaging material for nuts. The packaging solution, on the one hand, integrated polybutadiene (PB) as an oxygen scavenger and, on the other hand, it incorporated peanut aroma (PA) to improve customer’s sensorial experience. Different formulations based on low density polyethylene (LDPE), commercial PA (5 wt %) and PB at two levels (5 wt % and 13 wt %) were obtained by cast film extrusion. The obtained films were compared in terms of their mechanical, structural, optical and thermal properties confirming a plasticizing effect of PA and PB resulting in an increase in the ductility of the polymer and in a slight decrease in the thermal properties, maintaining their transparency. Regarding the oxygen capacity of the films, values of 4.4 mL and 2.7 mL O2 g−1 film were obtained for PE/PA/PB13 and PE/PA/PB5, respectively, after 6 days proving the suitability of the UV irradiation treatment in improving the oxygen absorption capacity of PB without the need of a metal catalyst. The aroma retention capacity into the polymer matrix was also evaluated in the developed formulations. The incorporation of PB in 13 wt % into a LDPE matrix improved the PA retention. This behavior was attributed to the ability of PB in enhancing cross-linking of LDPE as the concentration of PB increases. The results suggested the potential of PE/PB/PB13 films as oxygen scavenger and aromatic food packaging system to offer protection against lipid oxidation in nuts.