Drought stress has been heavily investigated for its effects on production efficiency and yield, but less attention has been given to its effects on peanut quality. Peanuts (Florunner cv) were stressed for 30 days, by withholding irrigation and using shelters, at the pre-flowering period (stressl), pod formation period (stress2), and maturation period (stress3). Fatty acid composition, oleic linoleic ratio (O/L), computed iodine value (IV) and tocopherol content of Florunner peanuts were investigated. The fatty acid composition acid composition, O/L ration, IV, alpha-tocopherol (α-T) and gamma-tocopherol (γ-T) were significantly affected by drought stress and peanut grade. As peanuts increased in size regardless of stressing period, long chain saturated fatty acids [arachidic acid (20:0), behenic acid (22:0), and lignoceric acid (24:0)], eicosenoic acid (20:1), (O/L), and α-tocopherol decreased significantly. Stressing peanuts during the maturation period is most detrimental to peanut stability, decreasing O/L ratio and increasing IV.