This experiment carried out as split plot factorial based on randomized complete block design with three replications in Astara, Iran, during 2018 and 2019 cropping seasons. Irrigation (IR) regimes including IR after 25 mm (IR 25), 50 mm (IR 50), 75 mm (IR 75) and 100 mm (IR 100) evaporation from Class A pan in main plot, ethanol (ET) including 10 (ET 10), 20 (TE 20) and 30 (ET 30) % (v/v) and Zinc (Zn) fertilizer including 0.5 (Zn 0.5), 1 (Zn 1) and 1.5 (Zn 1.5) ppm as factorial 3×3 in sub plot, comprised experimental treatments. The results indicated that drought stress decreased peanut SY and full irrigation produced the maximum SY. Nonetheless, the foliar spraying of ET20 and Zn1 under sever drought stress condition (IR100) showed the highest PV (14.84 µmol g -1 FW), SOD activity (53.42 Unit mg -1 proteinmin -1), CAT activity (72.87 nmol mg -1 proteinmin -1), POD activity (64.17 nmol mg -1 protein min -1), SSC (172.04 mg g -1 FW), SPC (114.16 mg g -1 DW) and AC (11.20 µmol g -1 FW ). The combined application of ET and Zn with a disirable doses, improved the most agronomic characteristics, antioxidant enzymes and non-enzymatic antioxidants under drought stress. Hence, the foliar spraying of ET20 and Zn1 could be recommendable to enhance peanut SY under similar climatic conditions.