The invention relates to a fertilizer for reducing cadmium content of peanut and application thereof. The fertilizer for reducing the cadmium content of the peanut is prepared according to alkalinity or acidity of soil; 30-40kg gypsum, 0.6-0.8kg of copper sulfate, 0.8-1kg of zinc sulfate, 0.5-0.8kg of ferrous sulfate, and 1-1.5kg of manganese sulfate are compounded, mixed uniformly and applied per hectare of alkaline or neutral soil; and 40-50kg of lime, 0.6-0.8kg of copper sulfate, 0.8-1kg of zinc sulfate, 0.5-0.8kg of ferrous sulfate, and 1-1.5kg of manganese sulfate are compounded, mixed uniformly and applied per hectare of acid soil. According to the fertilizer, adsorption and antagonistic action between elements is utilized, and elements with the same valence as cadmium are applied in a balanceable mode, so that the adsorption of the peanut on the cadmium can be inhibited, the content of the cadmium in peanut seeds is reduced, the requirement of the peanut on various nutrient elements can be met, decayed fruits caused by interaction of potassium and calcium due to high-quantity application of calcium are avoided, the yield of the peanut is improved, and high yield and food safety are synchronized. Experiments show that according to the fertilizer, the fruit number per plant is increased to be 0.9-1.5 / plant, the milled rice rate is improved by 5.6 percent-12.1 percent, the yield of legume is increased by 9.8 percent-16.2 percent, and the content of the cadmium in the peanut seeds is reduced by 22.1 percnet-39.0 percent.