Cadmium (Cd) treatments caused an inhibition in the net photosynthetic rate (P _N) of peanut (Arachis hypogaea) plants, due to the reduction of stomatal conductance (g _s) and photosynthetic pigment contents, as well as the alteration in leaf structure. The decrease of the transpiration rate and g _s might result from the Cd-induced xerophyte anatomic features of leaves (i.e. thick lamina, upper epidermis, palisade mesophyll, high palisade to spongy thickness ratio, as well as abundant and small stomata). The decline of P _N was independent of the impairment in photosystem 2.