Abstract: To explore the optimum stage of spraying with paclobutrazol (PBZ) for different peanut cultivars under high yield condition, we investigated the effects of spraying PBZ at different stages on chlorophyll content, root activity, protective enzymes, nitrogen and carbon metabolism enzymes of leaves, pod yield and kernel quality of peanut, with Huayu 20 and Huayu 25 as materials. The results showed that spraying PBZ at different stages increased root activity, chlorophyll content, SOD, POD, CAT, SS, SPS, PEPC activities and decreased the MDA content, NR, GS, GDH and GOGAT activities for pod setting stage of two cultivars. These results suggested that the effects would be more obvious at earlier spray time. For HY25, the most significant effects of spraying PBZ on those parameters of pod filling stage could be obtained when the main stem height was 25 cm. For HY20, spraying PBZ when the main stem height was 25 cm decreased the activities of protective enzymes. Earlier spraying time to HY20 would lead to early senescence, lower chlorophyll content, root activity and carbon metabolism enzyme activity. For HY20, the most significant effects of spraying PBZ on those parameters of pod filling stage could be obtained when the main stem height was 30 cm. Our results indicated that PBZ treatments at the optimum stage could improve pod yield and economic coefficient of both cultivars and enhance the fat content and the relative content of oleic acid and the O/L. Under high yield condition, the optimum stage of spraying PBZ was 25 cm height of the main stem for HY25 and 30 cm for HY20.