An experiment was carried out to study the effects of different rates of calcium application on peanut growth, physiological characteristics, yield and quality under drought stress at pegging stage and pod setting stage in pool cultivation with rainproof, using variety 606 as experimental material. The results showed that applying Ca fertilizer under drought stress could promote peanut growth, increase the chlorophyll content, leaf photosynthetic rate and the root vitality, increase the recovery ability of peanut during rewatering after drought stress, alleviate the impact of drought stress on peanut. Applying Ca fertilizer under drought stress increased pod and kernel yields because of the increase of kernel rate and pod number per plant. It also increased the fat and protein contents of peanut kernel, and improved peanut kernel quality under drought stress. It was suggested that 300 kg·hm^-2 Ca application is the best choice to alleviate the impact of drought stress on peanut.