The photosynthetic characteristics of a peanut variety, Huayu 22, under shading treatments (50%, 85%) and subsequent recovery under full light were studied at seedling stage in the field. The shading treatments were last 40d. Relative to those under full light, the peanuts grew in shading environment had lower net photosynthetic rate (Pn), the light compensation point (LCP), the carboxylation efficiency (CE), the non-photochemical quenching (NPQ), higher apparent quantum yield (AQY), maximal photochemical efficiency (Fv/Fm) and the content of total chlorophyll content. It shows that peanut has self-adjusting and adaptation ability to low light stress. When exposed to strong light at noon, Fv/Fm, which can reflect the efficiency of PSⅡ, decreased obviously in both shading seedling leaves and full light seedling leaves. In all treatments, Photoinhibition was more severe in lower light treatment seedlings. Otherwise, when removed shading stress, Fv/Fm and Pn of peanut seedling leaves continued to decrease in 5d relative to those of the control under full light, and began to increase subsequently. Fv/Fm and Pn of 50% shading seedlings recovered to the same level as the control in 8d and 10d, respectively; however, Fv/Fm and Pn of 85% shading seedlings reached the top values in 15d and 20d, respectively, whereas Pn was still lower than that of the control.