In order to evaluate the application of water stress on peanut cultivation under different application amounts of biochar-based fertilizer, pot experiments were conducted in automatic canopy tanks to determine the effects of different water stresses (conventional water control, moderate water control, heavy water control, corresponding soil water contents were 70%～75%, 60%～65% and 50%～55% of field capacity, respectively) and different application amounts of biochar-based fertilizer (0, 750, 1 500 kg/hm2) on peanut yield, water consumption and nutrition absorption characteristics. The results showed that applying biochar-based fertilizer by 750 and 1 500 kg/hm2 could increase the contents ammonium nitrogen and available potassium in the top 15 cm soil, nitrogen and potassium absorption of above-ground plant as well as water productivity. Except heavy water control treatment, soil available potassium content, plant nutrition uptake and peanut yield were all increased in the other two water control treatments. In the treatment of moderate water control, compared with the treatment without biochar-based fertilizer, treatments of applying biochar-based fertilizer by 750 and 1 500 kg/hm2 could significantly increase the above-ground nitrogen and potassium uptake, increase peanut yield by 40.48% and 37.71%, and increase water productivity by 53.8% and 9.9%, respectively. These results could provide theoretical basis for the application of biochar-based fertilizer in peanut cultivation in arid area.