Arachis pintoi, commonly known as pinto or forage peanut, is used mainly in consortia with grass pastures and as cover plant. In addition to increasing the productivity of livestock and plantations, it contributes to the mitigation of environmental impacts (reduction of greenhouse gas emissions) and soil improvement (nitrogen fixation, reduction of fertilizers use), as well as to pests and disease management. Several cultivars that are tolerant to specific climates and soil conditions are suitable to be used as ground covers in agroforestry and silvopastoral systems, orchards, and plantations. Biotechnological and phytochemical investigations revealed the potential of pinto peanut as a sustainable source of resveratrol and other stilbenoids. Extracts from plants grown under natural conditions and from materials obtained in vitro displayed allelopathic, anthelmintic, or antioxidant activities. Other studies revealed the potential of pinto peanut for erosion control, phytoremediation, seed and essential oils production, materials for animal tissue engineering, synthesis of nanoparticles for drug delivery, and as green biorefineries to produce proteins, biochemicals, and biomaterials.