The study was conducted at Barangay Babo Pangulo, Porac, Pampanga to evaluate the growth and yield performance of peanut as influenced by level and time of sugarcane mud press application. The levels of mud press are: L1 (200% mud press of recommended N); L2 (100% mud press of recommended N); L3 (75% mud press + 25% IF of recommended N); L4 (50% mud press + 50% IF recommended N); and L5 (25% mud press + 75% IF of recommended N) while time of application are: T1 (one month before planting); T2 (two weeks before planting); and T3 (at planting time). The treatment combinations were arranged following the Two-Factor Factorial in Randomized Complete Block Design (RCBD) with four replications. Findings revealed that among levels of mud press alone, application of 100% of recommended N, has positive effect on pod yield, dry seed yield, harvest index and computed dry seed yield per hectare. As to time of applying mud press regardless of level, two weeks before planting attained the highest pod yield, seed yield and computed dry seed yield per hectare. No effect was observed on plant height, number of marketable and non-marketable pods per plant, shelling percentage, weight of 100 seeds and total dry mass. The lowest number of non-marketable pods were registered on plants with 200% mud press at various tumes of application. Highest selling percentage was observed from 200% mud press applied at planting time when compared with the samle level applied at one month and two weeks before planting. However, high total dry mass was marked on 100% mud press applied at one month before planting; and 25% mud press + 75% IF applied at planting time. Cost and return analysis of dry seed yield per hectare revealed that 100% mud press and 75% mud press + 25% IF both applied at one month before planting registered the highest return on investment of 161.44% and 153.60%, respectively. Regardless of time application, peanut with 100% mud press obtained the highest net income and ROI of dry seed yield with PHP 103,524.20 and 139.68%, respectively.