After having investigated peanut harvesting machinery at home and abroad, this paper briefly introduced the types and characteristics of the peanut digging plows and peanut harvesters for peanut harvesting separately and peanut combine for peanut combine harvesting. Based on systematical expounding and analyzing the peanut harvesting machinery and peanut stripper for separately harvesting, this paper also discussed the advantages and the insufficiencies of every kind of peanut harvester on working principle, peculiarity of framework, power assembling, targets of performance, adaptable conditions and so on. Facing the challenges and opportunities after China's entry into the WTO and the adjustment of industrial structure for the peanut harvesting machinery, the proposals and countermeasures were put forward for developing the peanut harvesting mechanization in China in this paper.