The effect of gamma radiation and storage on the characteristics of oil extracted from peanut seeds has been investigated in this study. Peanut seeds were undergone gamma irradiation process with the doses of 1, 2 and 3 kGy. The changes in chemical and physical attributes were observed immediately after irradiation and after 12 months of storage. The data obtained from the experiments showed that irradiation process had no effect on the chemical and physical qualities such as, fatty acid composition, peroxide value, iodine value specification number, TBA value and color of oil extracted from peanut seeds. On the contrary, the peroxide, acidity and TBA values of the peanut oil were decreased due to storage time.