Abstract: As one of widely used, highly nutritional and low-priced plant protein, peanut protein products are gradually prominent in food processing. After the modification of peanut protein, its functional characteristics and added value can be effectively improved. In addition, baking is a common way of processing peanuts, which gives off a delicious smell, accompanied by albuminous degeneration and changes in the functional characteristics of peanut protein. This paper systematically described peanut protein denaturation and the effects of baking on functional characteristics and smell of peanut protein, which was expected to provide references for improved peanuts processing and utilization.