Peanut (Arachis hypogaea L.) is an important oilseed and cash crop worldwide. The Aflatoxin-Rhizobium Complex (ARC) microbial agent is effective in controlling aflatoxin contamination and enhancing nitrogen fixation via root nodules in legume crops, whereas the physiological mechanism by which the ARC microbial agent increases peanut yield and reduces fertilizer use remains unclear. In this study, ‘Huayu 39’ was used in field trials at Shenyang Agricultural University during the 2023-2024 growing seasons. Seven treatments were set: full fertilization (600 kg hm-2, N-P2O5-K2O = 14-16-15, CK), full fertilization combined with the ARC microbial agent (600 kg hm-2 + 30 kg hm-2, T0), 10% reduction in fertilizer combined with the application of the ARC microbial agent (540 kg hm-2 + 30 kg hm-2, T1), 25% reduction in fertilizer combined with the application of the ARC microbial agent (450 kg hm-2 + 30 kg hm-2, T2), 40% reduction in fertilizer combined with the application of the ARC microbial agent (360 kg hm-2 + 30 kg hm-2, T3), 55% reduction in fertilizer combined with the application of the ARC microbial agent (270 kg hm-2 + 30 kg hm-2, T4), and no fertilizer or microbial agent applied (T5), to systematically investigate the effects of different chemical fertilizer application rates combined with the ARC microbial agent on biomass accumulation per peanut plant, photosynthetic pigments, nutrient uptake and utilization, fertilizer utilization efficiency, and yield. The results indicated that a moderate reduction in chemical fertilizer application, combined with the application of the ARC microbial agent, significantly modulated the growth and physiological characteristics of peanut plants, optimizing plant biomass production and nutrient use efficiency. During the flowering-pegging stage, the chlorophyll a and chlorophyll b contents in leaves under T1 were significantly higher than those in CK by 6.49% and 8.85%, respectively, whilst the carotenoid content under T1 and T2 was significantly higher than that in CK by 54.11% and 29.74%, respectively (P < 0.05). During the pod-setting and pod-filling stages, the activities of glutamate synthase (GOGAT), nitrate reductase (NR), glutamine synthetase (GS) and glutamate dehydrogenase (GDH) in leaves under T1 increased by 12.24%-38.80%, 29.78%-94.37%, 10.75%-59.37% and 34.53%-74.90% compared with CK. During the pod-setting stage, under the T1 treatment, the accumulation of nitrogen, phosphorus and potassium in plants increased significantly by 4.75%, 68.09% and 46.87%, respectively, compared with CK (P < 0.05), whilst under T2, phosphorus and potassium accumulation in plants increased significantly by 21.83% and 25.05%, respectively (P < 0.05). Furthermore, the biomass per peanut plant under T1 and T2 increased significantly by 47.41% and 17.22%, respectively, compared with CK (P < 0.05). Moderately reducing chemical fertilizer application and combining this with the application of the ARC microbial agent optimized the pattern of nutrient allocation among plant organs, thereby promoting the transport and accumulation of nutrients in the pods. In 2023 and 2024, the agronomic efficiency of the T0 treatment was significantly higher than that of CK by 10.79%-29.52%. Analysis of yield composition showed that, compared with the control (CK), the number of pods per plant and the weight of 100 pods were both significantly higher in the T0, T1 and T2 treatments; yields in 2024 were significantly higher than those of the control by 4.88%, 12.66% and 6.65%, respectively. In summary, a moderate reduction in chemical fertilizer application (450 kg hm-2 to 540 kg hm-2) combined with the application of 30 kg hm-2 of the ARC microbial agent (T1, T2) synergistically enhanced peanut yield by improving nitrogenase activity, promoting plant biomass accumulation and nitrogen metabolism and utilization, thereby achieving both stable yields and economic efficiency. The findings of this study provide theoretical and technical support for reducing chemical fertilizer application and promoting sustainable peanut production.