The aim of this study was to investigate the impact of water and nitrogen regulation on the characteristics of water and fertilizer demands and the yield, quality, and efficiencies of the water and nitrogen utilization of peanuts cultivated under mulched drip irrigation in a desert–oasis region. The experiment, conducted in Urumqi, Xinjiang, centered on elucidating the response mechanisms governing peanut growth, yield, quality, water consumption patterns, and fertilizer characteristics during the reproductive period under the influence of water and nitrogen regulation. In the field experiments, three irrigation levels were implemented, denoted as W1 (irrigation water quota of 22.5 mm), W2 (irrigation water quota of 30 mm), and W3 (irrigation water quota of 37.5 mm). Additionally, two nitrogen application levels, labeled N1 (nitrogen application rate of 77.5 kg·ha−1) and N2 (a nitrogen application rate of 110 kg·ha−1), were applied, resulting in seven treatments. A control treatment (CK), which involved no nitrogen application, was also included in the experimental design. The results indicate a direct correlation between the increment in the irrigation quota and increases in farmland water-related parameters, including water consumption, daily water consumption intensity, and water consumption percentage. The nitrogen harvest index (NHI) demonstrated a higher value in the absence of nitrogen application compared to the treatment with elevated nitrogen levels. The application of nitrogen resulted in an elevation in both nitrogen accumulation and nitrogen absorption efficiency within pods and plants. When subjected to identical nitrogen application conditions, irrigation proved to be advantageous in enhancing water-use efficiency (WUE), nitrogen partial factor productivity (NPFP), and the yield of peanut pods. The contribution rate of water to pod yield and WUE exceeded that of nitrogen, while the contribution rate of nitrogen to nitrogen-use efficiency (NUE) was higher. The total water consumption for achieving a high yield and enhanced water- and nitrogen-use efficiencies in peanuts cultivated under drip irrigation with film mulching was approximately 402.57 mm. Taking into account yield, quality, and water- and nitrogen-used efficiencies, the use of an irrigation quota of 37.5 mm, an irrigation cycle of 10–15 days, and a nitrogen application rate of 110 kg·ha−1 can be regarded as an appropriate water and nitrogen management approach for peanut cultivation under mulched drip irrigation in Xinjiang.