Peanut is a multipurpose oil-seed legume, which offer benefits in many ways. Apart from the peanut plant's beneficial effects on soil quality, peanut seeds are nutritious and medicinally and economically important. In this review, insights into peanut origin and its domestication are provided. Peanut is rich in bioactive components, including phenolics, flavonoids, polyphenols, and resveratrol. In addition, the involvement of peanut in biological nitrogen fixation is highly significant. Recent reports regarding peanut responses and N 2 fixation ability in response to abiotic stresses, including drought, salinity, heat stress, and iron deficiency on calcareous soils, have been incorporated. As a biotechnological note, recent advances in the development of transgenic peanut plants are also highlighted. In this context, regulation of transcriptional factors and gene transfer for the development of stress-tolerant peanut genotypes are of prime importance. Above all, this review signifies the importance of peanut cultivation and human consumption in view of the scenario of changing world climate in order to maintain food security.