Peanut seeds are rich in oil, which exists as oil bodies (OBs). By extraction, peanut crude OBs are obtained and can be used as a food ingredient. In a previous study, it was found that the crude OBs contained an unknown protease, which hydrolyzed the oleosins. This would disrupt the integrity of OBs, and therefore, affect their physical and oxidative stability. In this study, the protein composition of crude OBs and some properties of the unknown protease were examined. The results showed that the protease was a two-chain (32 and 9kDa) aspartic protease, which showed high affinity for OBs. The optimal pH and temperature for oleosin hydrolysis by the protease were pH 4.0 and 60°C. Interestingly, the aspartic protease not only hydrolyzed OB intrinsic proteins (oleosin, caleosin, and steroleosin), but also extrinsic proteins (especially Ara h 1 allergen and 26–30kDa arachin).