The invention discloses a high oleic and high yield peanut breeding method, and belongs to the field of plant breeding. The method comprises the following steps that (1), high yield peanut varieties are selected as a female parent, high-oleic peanut varieties are selected as a male parent, hybridization is conducted, and a high yield and high-oleic F1 generation is obtained; (2), the F1 generationis subjected to selfing after false hybrids is removed, and an F2 generation is obtained; (3), high-oleic and high yield single plants are screened out, selfing is conducted, and an F3 generation isobtained from the F2 generation; (4), stable high oleic and high yield single plants are screened out from the F3 generation and subjected to backcross with the high yield peanut parent in step (1), and an F4 generation is obtained; (5), high oleic and high yield single plants are screened out from the F4 generation and subjected to backcross with a high oleic peanut male parent, and an F5 generation is obtained; (6), F5 is subjected to selfing for four consecutive generations, an F6 generation, an F7 generation, an F8 generation and an F9 generation are obtained, and the F8 generation is thenew variety of the high oleic and high yield peanut. By means of the method, the new peanut variety of the peanut high in yield and oleic acid content is bred.