Multiparent advanced generation intercross (MAGIC) populations are a new genetic resource for high‐resolution mapping of quantitative traits and as a source of new germplasm or improved cultivars for breeding due to the high level of recombination events in the population. Here, we have developed an eight‐founder MAGIC population for peanut (Arachis hypogaea L.) (PeanutMAGIC). Eight diverse founders were intercrossed using a simple funnel mating design to ensure that the MAGIC population would possess equal representation from each founder. This was followed by advancement using small family plot and single‐seed descent, resulting in 3187 F2:7 recombinant inbred lines (RILs). The objective of this study was to introduce this PeanutMAGIC as a new resource for genetic and genomic studies. We randomly selected a smaller subset of 310 RILs (MAGIC Core) from PeanutMAGIC and conducted genotyping using whole genome sequencing and phenotyping over two growing seasons for seed and pod traits. Whole genome characterization of the MAGIC Core demonstrated that PeanutMAGIC harbors a balanced and evenly differentiated mosaic of genomic blocks from eight founders, providing unique recombination events for high‐resolution mapping of quantitative traits. Using 2‐year phenotypic data, we showed that PeanutMAGIC can improve genetic mapping power of a spectrum of qualitative, like seed coat color, to quantitative traits such as pod weight, seed weight, shelling percentage, pod constriction, and pod reticulation. These findings show that the PeanutMAGIC population can be used by the peanut research community as a new resource for genetic and genomic studies and for cultivar improvement.