Our Nigerian peanut, also known as the groundnut or the goober and taxonomically classified as Arachis hypogaea, is a legume crop grown mainly for its edible seeds. It is widely grown in the tropics and subtropics, being important to both small and large commercial producers. It is classified as both a grain legume and, because of its high oil content, an oil crop. World annual production of shelled peanuts was 42 million tonnes in 2014. Atypically among crop plants, peanut pods develop underground rather than aboveground. It is this characteristic that the botanist Linnaeus used to assign the specific name hypogaea, which means "under the earth."

As a legume, the peanut belongs to the botanical family Fabaceae; this is also known as Leguminosae, and commonly known as the bean, or pea, family. Like most other legumes, peanuts harbor symbiotic nitrogen-fixing bacteria in root nodules. This capacity to fix nitrogen means peanuts require less nitrogen-containing fertilizer and improve soil fertility, making them valuable in crop rotations.

Peanuts are similar in taste and nutritional profile to tree nuts such as walnuts and almonds, and as a culinary nut are often served in similar ways in Western cuisines. The botanical definition of a "nut" is a fruit whose ovary wall becomes very hard at maturity. Using this criterion, the peanut is not a true nut, but rather a legume. However, for culinary purposes and in common English language usage, peanuts are usually referred to as nuts.