Over the years, concentrated efforts have been directed toward the improvement of desirable characteristics and attributes in peanut cultivars. Most of these breed improvement programs have been targeting attributes that involve peanut growth, productivity, drought and disease tolerance, and oil quality and content, with only a few articles focusing directly on improvements in peanut butter organoleptic qualities. There are numerous peanut cultivars on the market today, with widely differing chemical compositions and metabolite profiles, about which little is known concerning their suitability for making peanut butter. In this review, we detail how the numerous peanut varieties on the market today, with their genetically conferred physiochemical attributes, can significantly affect the sensory quality attributes of peanut butter, even in peanut butter processing lines with optimized processes. If other peanut butter processing parameters are held constant, variations in the chemical composition and metabolite profiles of peanuts have a significant impact on peanut butter color, flavor, texture, storage stability, shelf life, and overall product acceptance by consumers. Further research on breeding programs for peanut varieties that are specifically tailored for peanut butter production, and even more comprehensive research on the synergetic relationship between peanut chemical composition and peanut butter organoleptic quality, are still required.