Aiming to investigate the effects of rehydration on photosynthetic characteristics of peanut leaves and dry matter accumulation under the condition of different water stress duration in multiple growth period, and reveal its compensation effect, the experiment of drip irrigation under the plastic film was carried out in Aerxiang Irrigation Experimental Station in Northwest Liaoning Province for two consecutive years from 2018 to 2019 and the splitplot design on two factors was adopted. In the experiment, three levels of water deficit treatments were set in the peanut flower-pegging stage (H/main zone) and pod setting stage (J/sub zone) respectively, namely, severe (H1/J1), moderate (H2/J2) and no deficit (H3/J3) treatments, corresponding to 55%, 65% and 70% field capacity (FC) of the lower limit of water content of planned wetting layer in soil, respectively, comparative analysis of peanut leaf photosynthetic characteristics, root-shoot dry matter accumulation, yield composition and other indicators. The experimental results showed that severe water stress treatment (H1/J1) during a single growth period after rehydration the photosynthetic characteristics of leaves could not be returned to normal levels, which inhibited the accumulation of dry matter in peanut roots and shoots. Moderate water stress treatment (H2/J2) during a single growth period after rehydration the photosynthetic super-compensation effect made the root and shoot dry matter accumulation of peanuts at the end of the growth stage higher than that of the no deficit treatment. However, continuous moderate water stress treatment (H2J2) after rehydration leaves can photosynthesize more effectively, accumulated root-shoot dry matter, and formed a favorable root-shoot ratio. In all the experiment in 2018—2019, compared with H3J3 treatment, H2J2 treatment increased yield by 12.44% （p<0.05), 11.98% （p<0.05), saved water by 9.32% （p>0.05), 14.23% （p<0.05), and water use efficiency was increased by 22.32% （p<0.05) and 27.78% （p<0.05), respectively. In the northwest of Liaoning Province, applying moderate water stress at the flower-pegging stage and pod setting stage was the suitable treatment for water saving and yield increasing.