In order to decrease the loss of peanut caused by waterlogging disasters, the waterlogging–tolerant cultivar Xianghua 2008 and waterlogging–sensitive cultivar Zhonghua 4 were used as the experimental materials to investigate the effect of plant growth regulator on the accumulation of dry matter, yield and quality of peanut. The process of waterlogging stress was simulated in the middle vegetative growth stage (south rainy reason), and peanuts were sprayed with three kinds of plant growth regulator –GA3 (Gibberellic), ETH (ethephon) and PP333 (Paclobutrazol). The results indicated that: (1) The roots growth of waterlogging–tolerant varieties was increased by three plant growth regulator treatment under waterlogging condition. The aboveground and underground growth was promoted under GA3 and ETH treatment. The plant height and branch length were inhibited under PP333 treatment. (2) The pod yields of waterlogging–tolerant varieties were increased by –1.7%–24.9% under different content of regulators treatment. Whereas the yield of waterlogging–sensitive cultivar was increased by 4.7%–45.3% under the treatment. The GA3 treatment had the best effect on the yield of two peanut cultivars, followed by ethephon, PP333. (3) GA3 treatment increased oil content, decreased protein content, improved the O/L ratio for resistant cultivar; while reduced oil content, increased protein content, reduced O/L ratio for sensitive cultivar. ETH especially high concentration decreased oil content as well as protein content for two cultivars. PP333 increased oil content, decreased protein content and O/L ratio for resistant cultivar, while had lower effects on quality indexes for sensitive cultivar. Therefore, peanut cultivars with different waterlogging tolerance character should take corresponding chemical control measures after the disaster.