Peanuts contain a diverse and vast array of phenolic compounds having important biological properties. They are allocated mostly in the seed coat (skin), an industrial waste with minor and undervalued applications. In the last few years, a considerable amount of scientific knowledge about extraction, composition, bioactivities and health benefits of peanut skin phenolics has been generated. The present review was focused on four main aspects: a) extraction methods and technologies for obtaining peanut skin phenolics with an emphasis on green-solvent extraction processes; b) variations in chemical profiles including those due to genetic variability, extraction methodologies and process-related issues; c) bioactive properties, especially antioxidant activities in food and biological systems; d) update of promising food applications. The revision was also aimed at identifying areas where knowledge is insufficient and to set priorities for further research.