The invention relates to a method for preparing peanut peptide by fractional bienzyme hydrolysis, belonging to the technical field of peanut protein processing methods. The method is characterized by comprising the following steps of: dissolving the peanut protein powder in distilled water, then placing the dissolved peanut protein powder into a 9 DEG C constant-temperature water bath, and preserving for 20min so as to passivate separated peanut protein; taking out the separated peanut protein after passivation, regulating the pH value of the protein solution to be 8.0, adding incision enzyme, and reacting for 120min in a 5 DEG C constant-temperature water bath oscillator; after reaction, regulating the pH value of the protein solution, adding flavourzyme, evenly mixing, reacting for a certain period of time in a constant-temperature water bath oscillator with a certain temperature, taking out after the reaction, placing into a 1 DEG C water bath, preserving for 5min, and cooling with cold water to obtain the peanut peptide after cooling. The invention has the advantages of low preparation cost, high peanut peptide yield, high purity, short preparation time, simple preparation method, and mild production conditions, and the mass concentration of soluble nitrogen in an enzymolysis product is high.