Arachis hypogaea , known as the peanut, is native to South America. Peanut contains several active components including flavonoids, phenolic acids, phytosterols, alkaloids, and stilbenes. Some therapeutic effects have been reported for peanut seed extracts, such as antioxidative, antibacterial, antifungal, and anti-inflammatory activities. This paper aims to give an overview of the chemical composition, focusing on secondary metabolites, and of the biological activity of A. hypogaea, to stimulate new studies about species of the Arachis genus.