Peanut hull and skin are waste products of the food industry. Adding value to these products was the aim of this work. This goal was achieved by studying the phenolic content of the skin, hull and defatted flour of both roasted and unroasted peanuts. The antioxidant activity of the phenolic extracts was determined. The roasted peanut skin extract was then chosen and tested for its power of inhibition of flaxseed oil oxidation. The anticarcinogenic activity of the roasted peanut skin extract on different cell line carcinomas was examined. Both the extractable polyphenols (EPP) and the non extractable polyphenols (NEPP) were determined in the examined parts of the peanuts. Results revealed that NEPP was always higher than EPP and that highest phenolic content was found to be present in the skin. Roasted hull, unroasted hull, roasted skin, unroasted skin, roasted defatted flour, and unroasted defatted flour contained EPP 4.33, 3.38, 41.5, 56.2, 7.33 and 7.23 mg/g, respectively; and contained NEPP 7.4, 5.3, 102, 113.38, 10.3, and 13.4 mg/g, respectively; they also contain total polyphenol extract (TPE) 11.69, 8.73, 144.37, 169.19, 17.48, and 21.31 mg/g, respectively. Free radical scavenging activity (FRSA%) at 100μl conc. reached 87.0 % for roasted and unroasted peanut skin, ca. 79% for roasted and unroasted peanut hull, and least between 45.51- 60.45% for unroasted and roasted defatted peanut flour, respectively. FRSA of BHT (0.1%) was 77.81%. Antioxidant activity (AOA) as measured by β-carotene/ linoleate method revealed AOA for roasted skin > unroasted skin > roasted hull > BHT > unroasted hull > unroasted defatted flour > roasted defatted flour, with values 89.13 > 86.65 > 80.33 > 76.33 > 75.27 > 39.34 > 30.37%, respectively. Roasted peanut skin extract (PSE) was chosen for further investigation. Percent reduction of oxidation in flaxseed oil when compared to control oil reached 27.10% and 22% for oil + PSE, and oil + BHT, respectively, as measured by p-anisidine value; and 41.99% and 38.88%, respectively, as measured by peroxide value. PSE exhibited potential as an anticarcinogenic agent, but needs further investigations.