Peanut is one of the principal oil seeds in the world as a rich source of edible oil and protein. Peanut quality arises as a result of a complex interaction of genetic, physiological and biochemistry processes that produce the chemical composition of the peanut seed. The major factors influencing seed quality are degree of maturity and digging and drying, curing and storage as a series of harvesting. The end products, peanut butter, salted seed, confections, roasting stock and by-products are favored in world-wide because of their unique roasted peanut flavor, Literatures are reviewed mainly focusing on the physiological properties and nutritional quality of oil, protein and flavor in peanut. Chemical properties of protein and oil, and volatile flavor component in peanut seeds are studied. The objectives of this paper were to review and summarize the results obtained from the improving quality breeding program and evaluation of the chemical composition in peanut up to now.