The objective of this study is to analyze the law of genetic variation of phenotypic traits in peanut germplasm resources, constructing comprehensive evaluation system of peanut germplasm resources, selecting the optimal evaluation indexes. Seventeen phenotypic traits of 40 peanut germplasm resources were studied by using variation coefficient and diversity index of Shannon-Weaver to analyze genetic diversity of phenotypic traits. Cluster analysis, principal component analysis and stepwise regression analysis were used to comprehensively evaluate peanut germplasm resources and select identification indexes. The result shows that variation coefficients range from 4.15% to 31.82%, and traits vary significantly in oleic acid, linoleic acid and sucrose content, while the traits of shelling percentage, oil content and protein content are stable. Diversity indexes range from 1.39 to 2.06. In terms of traits, height of main stem, 100-seed weight, and protein content distribute equally, while the characters of oleic acid, linoleic acid and palmitic acid distribute unevenly. 40 peanut germplasm resources were divided into 4 groups by cluster analysis. Seventeen phenotypic traits were classified into five principal components with principal component analysis (cumulative contribution rate 80.41%, reflecting most information of 17 phenotypic traits). The five principal components are grain oil content factor, grain sugar content factor and high yield factor which could accurately evaluate peanut germplasm. The comprehensive evaluation of phenotypic traits of peanut germplasm is determined by the value of F value. The average value is 0.73, KN 176 is the highest, and FH 12 is the lowest. Eight phenotypic traits are screened by stepwise regression analysis: fresh yield/plant, 100-pod weight, shelling percentage, oil content, protein content, palmitic acid, oleic acid and sucrose content. Peanut germplasm resources are abundant in genetic diversity. Comprehensive evaluation of peanut germplasm resources can provide references for peanut germplasm evaluation. 8 phenotypic traits selected can be used as evaluation indexes for peanut germplasm resources traits.