The effects of calcium application rate on dry matter accumulation and yield of peanut were studied under high-yielding field condition. The variety used for the study was Tang A8252 (Spanish peanut). The results showed that number of full fruit, dry weight per plant, kernel yield, and pod yield all increased with calcium application increased, and they decreased when calcium application rate was more than 150 kg/ha. Both the height of main stem and the length of side shoot decreased with calcium application increased. Therefore, to obtain the optimal agronomic character index and the highest yield benefit, the suggested calcium application rate would be 150 kg/ha for peanut.