[Objective] The study aimed to supply basis for moisture management and high yield cultivation.[Method] The pot experiment was designed with four different water application treatments,including 85%,65%,55% and 45% of maximum field capacity.The changes of the photosynthetic characteristics,accumulation and distribution of dry matter and the yield in flowering and pegging phase of peanut of different moisture treatment were researched.[Result] Pn and Gs of the treatment of 65% of maximum field capacity were the highest,but the treatment of 45% of maximum field capacity was significantly lower than that of other treatments.Relative moisture reached 65% of all treatments after flowering and pegging phase,and Pn was rapid closed.Gs and Ci appeared super-compensation effect after rewatered 10 days,and the treatments of 45% and 55% of maximum field capacity were significantly higher than the treatment of 85% and 65% of maximum field capacity.The dry matter,yield of kernel of the treatment of 65% and 55% of maximum field capacity had no significant difference,but that of the treatment of 45% of maximum field capacity was significantly lower than that of other treatments.[Conclusion] As viewed from saving water,the optimum soil moisture content for peanut in relay cropping with winter wheat in flowering and pegging phase was the treatment of 55% of maximum field capacity.