The effects of elevated CO2 on growth, pod, and seed yield, and gas exchange of `Georgia Red' peanut (Arachis hypogaea L.) were evaluated under controlled environmental conditions. Plants were exposed to concentrations of 400 (ambient), 800, and 1200 μmol·mol–1 CO2 in reach-in growth chambers. Foliage fresh and dry weights increased with increased CO2 up to 800 μmol·mol–1, but declined at 1200 μmol·mol–1. The number and the fresh and dry weights of pods also increased with increasing CO2 concentration. However, the yield of immature pods was not significantly influenced by increased CO2. Total seed yield increased 33% from ambient to 800 μmol·mol–1 CO2, and 4% from 800 to 1200 μmol·mol–1 CO2. Harvest index increased with increasing CO2. Branch length increased while specific leaf area decreased linearly as CO2 increased from ambient to 1200 μmol·mol–1. Net photosynthetic rate was highest among plants grown at 800 μmol·mol–1. Stomatal conductance decreased with increased CO2. Carboxylation efficiency was similar among plants grown at 400 and 800 μmol·mol–1 and decreased at 1200 μmol·mol–1CO2. These results suggest that CO2 enrichment from 400 to 800 μmol·mol–1 had positive effects on peanut growth and yield, but above 800 μmol·mol–1 enrichment seed yield increased only marginally.