Abstract: In order to further explore the application effect of bio-organic fertilizer and microbial agents instead of some chemical fertilizers on peanuts, the experiment was conducted with no fertilization, local usual fertilization and recommended conventional fertilization as the control group, respectively. Then, the effects of 80%, 60%, 50% and 40% conventional fertilizer combined with the bio-organic fertilizer and microbial agent on the growth, yield, fertilizer contribution rate and economic benefits of peanut were studied. The results showed that there was no significant difference in the main agronomic traits and pod traits between the treatment of 40%−80% conventional fertilizer combined with the bio-organic fertilizer and microbial agent and the treatment of local usual fertilization and conventional fertilizer. In terms of yield, fertilizer contribution rate and economic benefit, 50% conventional fertilizer + 50% bio-organic fertilizer + microbial agent had the best performance, and the fertilizer contribution rate was 10.60%. Compared with the local usual fertilization and conventional fertilization, the yield increased by 1.43% and 1.96%, respectively, and the income increased by 3.56% and 0.60%, respectively. The performance of 60% conventional fertilizer + 40% bio-organic fertilizer + microbial agent was the second, and the fertilizer contribution rate was 10.31%. Compared with the local usual fertilization and conventional fertilization, the yield increased by 1.10% and 1.63%, respectively, and the income increased by 3.28% and 0.35%, respectively. In summary, under the conditions of this experiment, it was advisable to reduce the amount of chemical fertilizer by 40%−50% on the basis of the application of bio-organic fertilizer and microbial agent.