Wheat-peanuts double cropping system is an important way to solve the contradiction between grain and oil competition and achieve both self-sufficiency. Seeding peanut directly after wheat harvest is the main cultivation method of wheat-peanuts double cropping system. In this experiment, two treatment factors of straw return and tillage were designed after wheat harvesting, and six treatments were conducted rotary tillage with straw remove (RT), rotary tillage with straw return (RTS), no-tillage with straw remove (NT), no-tillage with straw mulch (NTS), deep tillage with straw remove (DT) and deep tillage with straw return (DTS). The effects of straw return and tillage on soil physical and chemical properties and peanut yield were studied. The results showed that different tillage methods had different effects on soil physical and chemical properties. In 0-10 cm soil layer, no-tillage increased the mass ratio of large-size aggregates compared with deep tillage and rotary tillage, improved the stability of aggregates and increased the number of bacteria, fungi, actinomycetes. The deep tillage mainly improved the soil physical and chemical properties of the soil layers of 10-20 and 20-30 cm. Deep tillage increased dry matter accumulation, increased peanut pod yield and seed kernel yield. Under the same tillage, compared with the straw remove, the straw return reduced the soil bulk density, increased soil porosity and the mass ratio of coarse aggregates. Soil organic carbon and total nitrogen contents were increased, and the aggregates stability and the number of soil bacteria, fungi, actinomycetes were improved. The straw return increased dry matter accumulation, and consequently increased peanut pod yield and seed kernel yield. Compared with DT treatment, DTS treated pod yield and seed kernel yield increased by 10.89% and 14.65% respectively. Compared with RT treatment, RTS pod yield and seed kernel yield increased by 10.00% and 11.77% respectively. Compared with NT treatment, NTS pod yield and seed kernel yield increased by 16.31% and 19.82% respectively. Compared with the other treatments, DTS not only improved soil physical and chemical properties, but also increased peanut pod yield and seed kernel yield.