Hot-pressed peanut meal protein hydrolysates are rich in Arg residue, but there is a lack of research on their α-glucosidase inhibitory activity. In this study, different proteases were used to produce hot-pressed peanut meal protein hydrolysates (PMHs) to evaluate the α-glucosidase inhibitory activity. All PMHs showed good α-glucosidase inhibitory activity with the best inhibition effect coming from the dual enzyme system of Alcalase and Neutrase with an IC₅₀ of 5.63 ± 0.19 mg/mL. The fractions with the highest inhibition effect were separated and purified using ultrafiltration and cation exchange chromatography. Four novel α-glucosidase inhibitory peptides (FYNPAAGR, PGVLPVAS, FFVPPSQQ, and FSYNPQAG) were identified by nano-HPLC-MS/MS and molecular docking. Molecular docking showed that peptides could occupy the active pocket of α-glucosidase through hydrogen bonding, hydrophobic interaction, salt bridges, and π-stacking, thus preventing the formation of complexes between α-glucosidase and the substrate. In addition, the α-glucosidase inhibitory activity of PMHs was stable against hot, pH treatment and in vitro gastrointestinal digestion. The study demonstrated that PMHs might be used as a natural anti-diabetic material with the potential to inhibit α-glucosidase.