The influences of four heating rates on the combustion and pyrolysis behavior in the N2 and air atmosphere were investigated by the Fourier transform infrared spectrometry (FTIR) and thermogravimetric (TG) analysis. the distributed activation energy model (DEAM) and Flynn-Wall-Ozawa (FWO) were used to estimate Ea and A, ΔH, ΔG and ΔS. Experimental results showed that the similar thermal behavior emerged, but the temperatures in the air and N2 atmospheres representing the end of the reaction were about 500 °C and 550 °C, respectively. The results of FTIR showed the peak positions were basically the same, but the concentrations of aromatics, aldehydes and ketones produced by pyrolysis in the N2 atmosphere were higher. When the heating rate was 20 K/min, the comprehensive combustion parameters were 56.442 and 6.871 × 10−7%2/(min2• K3) in the air and N2 atmospheres, respectively, indicating that the peanut shells had great potential to become bioenergy.