To investigate the effects of harvesting time and additives on the quality of peanut silage, the silage was mixed in combination with peanut leaf and stem, rice and barley straw, inoculant etc. Harvesting time at peanut growth stage was the best at 90 days after flowering with 30 branches, 81 g of 100-seed weight, and 77% of shelling rate with low diseases in leaf and stem. By delay of harvest, diseases and lodging were increased. The yield of forage was the highest at 90 days after flowering as 52t/ha, and seed yield was at 110 days as 3.72 t/ha. The yields between forage yield and seed yield (r²=0.62**) were correlated positively. The value of silage as a forage came over 90 days after flowering in combination with peanut leaf+stem+rice straw+inoculant treatment. The treatment was increased dry matter (DM) yield and neutral detergent fiber (NDF), the coarse protein (CP), and total digestible nutrient (TDN) content of silage in comparing with control (peanut leaf+stem). The pH at the organic matter contents of silage in combination of peanut leaf+stem+rice straw+lactic acid treatment was 5.04 to 5.10, the content of butyric and lactic acid were 3.12 to 4.64%, 2.07 to 7.34%, respectively.