A study was conducted to compare the extraction efficiencies of aflatoxins (B1, B2, G1, and G2) from low, medium, and high concentrations (approximately 10, 100, and 1000 ppb, respectively) of naturally contaminated peanut samples by using different solvents and solvent-to-peanut sample ratios. Solvents used were 80:20 methanol/water at 2:1, 3:1, and 5:1 solvent to sample ratios; 60:40 methanol/water at 5:1 solvent to sample ratio; and 90:10 acetonitrile/water at 2:1 and 4:1 solvent to sample ratios. The solvents 80:20 methanol/water at a 3:1 ratio of solvent to sample and 90:10 acetonitrile/water at a 2:1 ratio were consistently more efficient than all other solvents, regardless of the aflatoxin concentration. The solvent 90:10 acetonitrile/water at a 4:1 solvent-to-sample ratio was consistently the least efficient regardless of aflatoxin concentration based on analytical results with liquid chromatography (LC). The results are relevant in selecting an appropriate extraction solvent for use at peanut grading points.