The objective of this study was to investigate the response of advanced peanut breeding lines to water stress to identify the tolerant genotypes and the drought tolerance related traits besides to assess the genetic variability between genotypes under drought stress. Thus, two field experiments were conducted during the two successive seasons 2018 and 2019, in the Agricultural Research Station, Ismailia Governorate. Assessment of ten genotypes and three water regimes was done in a randomized complete block design with three replications. The water regimes were a full irrigation 100% w as a control, 75% w and 50% w stress irrigation. The results indicated existence of moderate genetic variability accompanied with high heritability and high GAM among the studied traits; days to maturity, shelling %, pod yield/plant, seed yield/plant and oil content under stress conditions. Also, the results indicated significant differences among the tested genotypes for all the investigated traits. Yield and its attributes of all genotypes varied under water stress and significant responses were observed. The genotypes No. 5, 6 and 3, showed the highest values for most of the yield and its attributes under the different water regimes. So, these genotypes are considered promising in peanut improvement program to produce drought tolerant varieties of peanut characterized with high yielding ability.