Using high-quality seeds is an important strategy to provide the highest yield potential in peanut (Arachis hypogaea L.) production. Physiological seed quality is gradually acquired during seed formation, and maximum physiological seed quality is considered optimum for harvest. However, the timing in which seeds reach the maximum quality for peanut seeds has not been investigated. Three studies were conducted to monitor peanut seed formation, to determine the acquisition pattern of physiological quality and dormancy in peanuts seeds grown under optimum conditions, and to evaluate the impact of drought on the physiological quality of peanut seeds. The first study was developed in a greenhouse in Tifton, GA during two experimental runs. Morphological characteristics of gynophores, pods, and seeds were measured. Seed germination was also performed. The second study was conducted during three consecutive years at the University of Georgia Lang-Rigdon Farm in Tifton, GA. Plants were inverted, and pods were classified into different maturity classes. Seed water concentration, germination, vigor, desiccation tolerance, and longevity tests were performed for each maturity class. The last study was conducted at the USDA-ARS National Peanut Research Laboratory in Dawson, GA for three consecutive years. The field was divided into two experimental blocks, drought stress and well-watered control. A rainout shelter was used to prevent the drought block from receiving water during the stress period (30 days during peak flowering). The plants were harvested and pods were separated into maturity classes. Water concentration, germination, vigor, desiccation tolerance, and longevity tests were performed for each maturity class and both water regimes. Based on results, seed size was positively associated with germination during seed development. The acquisition pattern for the physiological components of quality as well as dormancy in peanut seeds under well-watered and drought conditions were developed. Under well-watered conditions, peanut seeds achieved the maximum physiological quality at the end of ‘brown’ class, advancing into the ‘black’ class. Under drought conditions, physiological quality was achieved within ‘brown’. Drought stress slightly hastened the acquisition of physiological components and seeds were more prone to maintain quality at later maturity stages compared to seeds from the well-watered control.