Field experiments were conducted at El-Bustan Agricultural Research Station, in summer season of 2013 on peanut (Arachis hypogaea L.) variety Giza 5, to study the effect of sprinkler irrigation management and the application of rice straw mulch on yield, quality, water consumptive use and crop coefficient of peanut in sandy soil. Two irrigation treatments, (I3) and (I5) were imposed based on the soil water depletion to bring the soil water deficit to the field capacity at two irrigation intervals of 3 and 5 days. Mulching treatments were applied randomly during the 3-leaf growth stage for one half of the experimental area (M) at a rate of about 500 g/m2, while the other half remained bare (non-mulched, Mo). The experimental design was split- plot with three replications and consisted of irrigation treatments in the main plots, mulching and non-mulching treatments as subplots. The results revealed that, higher yield and better crop growth were observed in the mulched plots as compared to nonmulched plots under the same irrigation treatments. Also, the effect of I3 treatment was more pronounced than the effect of I5 treatments. The average values of maximum plant length, No. of pods/plant, pods weight/plant, total Bio-mass, 100 kernels weight ,total pods yield and total kernels yield, were 65.00 cm, 39.45, 53.20 g., 4012.05 kg/fed, 67.10 g, 1658.80 kg/fed and 1176.00 kg/fed, respectively observed with I3M treatment. An increase in the tested quality parameters such as shelling percent, protein and oil percentage, of 8.9, 4.40 and 2.13%, respectively were obtained with I3M treatment as compared to the control treatment (I3MO). The computed ETO value in course of the peanut growth season was 752.25 mm. I3MO treatment had the maximum ETC and applied irrigation water (AIW) values of 2415.0 and 2952.60 m3/fed, respectively. Applying rice straw mulch conserved irrigation water by about 14.37 and 21.62% with I3 and I5 treatments, respectively. WUE ranged from 0.60 with I3M and I5M to 0.36 kg/m3 with I5MO treatment, meanwhile, I5M and I3M treatments had the maximum IWUE values of 0.48 and 0.47 kg/m3, respectively. The maximum crop coefficient (KC) value of 0.88 occurred during July, which was less than the generic value listed in FAO-33and-56 by about 16.2 and 10.2%, respectively, however the average KC values of peanut at El-Bustan area of 0.73 was close to FAO-33 and-56 listed values. These results showed that precise management of the available soil moisture content in the course of the growing season, and accurate estimation of ETC as well as, developing site and cultivar specific KC value can be effective way for appropriate irrigation scheduling and water allocation, saving water, maximizing yield and consequently optimizing the economic return.