The invention belongs to the technical field of production and processing of cold pressing edible oil, and particularly relates to a production method of cold pressing peanut and wheat germ compound oil. The production method of the cold pressing peanut and wheat germ compound oil comprises the following steps: (1) preprocessing of wheat bran, (2) preprocessing of peanut kernels, (3) modifying, (4) cold pressing and (5) filtering, wherein the specific steps of (3) modifying are as follows: uniformly mixing the preprocessed wheat bran and the peanut kernels with the weight ratio of (1-2):(4-12) to prepare a raw material, adding water, with the weight of 2%-4% of the weight of the raw material and the water temperature of 60-80 DEG C, to the raw material, and keeping 40-60 minutes for waterabsorption and softening. In the method, the wheat bran added to the peanut kernels can increase the oil yield of the peanut kernels; in addition, the peanut and wheat germ compound oil prepared by the method is rich in vitamin E, and integrates the nutritional functions of peanut oil and wheat germ oil, and the nutritional value is increased.