Two field experiments were carried out at Ismailia Agricultural Experiments and Research Station, A.R.C., El- Ismailia Governorate, Egypt, during growing seasons 2015 and 2016, respectively. In both seasons, the experiment was conducted using the split plot design in randomized complete block design with three replicates to study the effect of P fertilizer and plant density on pods and oil yields, as well as, net return. Three phosphorus (P) fertilizer rates (30, 45 and 60 kg P₂O₅ per fed) and three peanut plant densities (70, 105 and 140 thousand plants per fed) were tested. A split plot design replicated thrice was used. The results showed that increasing rate of P fertilizer from 30 up to 60 kg P₂O₅ per feddan increased significantly all the studied peanut traits except seed oil content. Decreasing peanut plant density from 140 to 70 thousand plants per feddan increased significantly numbers and weights of pods and seeds per plant, shelling and seed oil content mean, while the reverse was true for plant height in the two successive seasons. Peanut plant density of 105 thousand plants per feddan achieved the highest pods and oil yields per feddan compared with the other plant densities. Interaction between 60 kg P₂O₅ per feddan and 105 thousand plants per feddan increased significantly the most studied traits of peanut. Application of 60 kg P₂O₅/fed combined with 105 thousand plants per feddan achieved high pods, oil yields and net return.