Peanut harvesting is mainly characterized by strong seasonality, high labor intensity, low efficiency, and large harvesting losses. Therefore, peanut production needs mature mechanized harvesting technology. The mechanization level of China’s peanut harvest in the peanut production process is relatively low, significantly hindering the overall advancement of mechanization in China’s peanut industry. A systematic summary was provided based on three peanut harvesting operation modes (combined harvesting operation mode, two-stage harvesting operation mode, and three-stage harvesting operation mode). The study focused on the digging device and fruit-picking device utilized in China’s mechanized peanut harvesting. The performance and characteristics of various peanut harvesters were elaborated, including the conveyor chain peanut harvester, strip spreading peanut harvester, digging and tilling peanut harvester, as well as semi-feeding and full-feeding peanut combine harvester. Simultaneously, an analysis of mechanized peanut harvesting technology in the United States was carried out, accompanied by a brief description of the Indian peanut harvester. The characteristics of peanut mechanized harvesting equipment were summarized, providing insights into the challenges faced by peanut harvesting machinery in China. The analysis suggested that the future of peanut mechanization in China was poised to enter a new stage characterized by intelligence, refinement, and enhanced efficiency.