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The peanut, or groundnut (Arachis hypogaea), is a species in the legume or "bean" family (Fabaceae). The peanut was probably first domesticated and cultivated in the valleys of Paraguay. It is an annual herbaceous plant growing 30 to 50 cm (1.0 to 1.6 ft) tall. Theleaves are opposite, pinnate with four leaflets (two opposite pairs; no terminal leaflet), each leaflet 1 to 7 cm (0.36 to 2.75 in) long and 1 to 3 cm (0.36 to 1 inch) broad.

The flowers are a typical peaflower in shape, 2 to 4 cm (0.8 to 1.6 in) (0.75 to 1.5 in) across, yellow with reddish veining. Hypogaea means "under the earth"; after pollination, the flower stalk elongates causing it to bend until the ovary touches the ground. Continued stalk growth then pushes the ovary underground where the mature fruit develops into a legume pod, the peanut – a classical example of geocarpy. Pods are 3 to 7 cm (1.2 to 2.8 in) long, containing 1 to 4 seeds.

Peanuts are known by many other local names such as earthnuts, ground nuts, goober peas, monkey nuts, pygmy nuts and pig nuts. Despite its name and appearance, the peanut is not a nut, but rather a legume.