Experimental researches on fast pyrolysis of peanut shell were performed in a self-manufactured bench-scale fluidized bed reactor at 500℃. Mass balance of pyrolysis reaction was carried out. Influence of collecting ways on bio-oil yield was investigated. Results showed that bio-oil yield raised from 40% to 64% after the electrostatic precipitators （ESP）settled at the end part of the fractional condensers which prevented bio-oil from losing together with produced gas and cleaned the produced gas. Energy consumption of peanut shell pyrolysis was monitored at about 2304kJ/kg with a watt-hour meter. The physical properties and application of bio-oil were discussed by means of analysis instruments.