Abstract: The paper studied the effects of different phosphorus application rate on photosynthetic characteristics and dry matter production of peanut wild species Arachis correntina and cultivated variety Guihua22. The chlorophyll content，net photosynthetic rate and dry matter production of peanut function leaf were detected. The results showed that the phosphorus treatments could significantly improve chlorophyll content，dry matter weight and photosynthetic rate of Guihua22. Compared with Guihua22，there's no significant effect of different phosphorus application on photosynthetic characteristics and dry matter accumulation in A. correntina. There's small response to the change of plant phosphorus content and phosphorus use efficiency under different phosphorus treatments in A. correntina. A. correntina had a good photosynthetic physiological basis. The test results provided a theoretical basis for forther development and utilization of A. correntina.