In agricultural production, peanut shells, as a by‐product of peanut processing, are often discarded. However, they are rich in fiber, crude protein, carbohydrates, minerals (such as calcium and phosphorus), as well as bioactive substances like polyphenols and flavonoids, thus having potential feeding value. Currently, the application potential of peanut shells in the field of animal nutrition has not been fully explored. The lack of comprehensive and systematic studies on their nutritional composition, digestive and metabolic characteristics, and optimal addition levels in different animal production systems limits the accurate evaluation and scientific application of their feeding value. In addition, different processing methods have significantly different effects on improving the nutritional components of peanut shells, and they contain anti‐nutritional factors such as phytic acid and oxalic acid, whose contents vary greatly with peanut varieties and producing areas, further increasing the complexity of evaluating their feeding value. Although relevant studies have achieved certain results, there are still many issues in the development and utilization of peanut shells that need further in‐depth exploration and optimization. This review will comprehensively evaluate the nutritional value of peanut shells, analyze in detail their conventional nutritional components, bioactive substances, and anti‐nutritional factors, so as to clarify their true value in animal nutrition. Meanwhile, it will conduct in‐depth research on the application effects of peanut shells in different livestock feeding systems. Through these studies, it aims to provide a scientific basis for the reasonable and efficient application of peanut shells in livestock feeding and offer new ideas and methods for solving the current problems of feed resource shortage and environmental issues.

Current research on dairy cows primarily focuses on peak lactation, with limited exploration of late lactation. This study investigated the effects of α-amylase supplementation on production performance, blood metabolites, nutrient digestibility, and rumen fermentation in late-lactation Holstein cows. Thirty cows (average milk yield: 37.48 ± 1.63 kg; parity: 2.44 ± 0.70; lactation days: 210.17 ± 2.20) were randomly divided into two groups: the control group (CON) received a basal diet, while the experimental group (AM) was supplemented with 15 g/day α-amylase for 7 weeks (1-week adaptation + 6-week trial). Results showed that α-amylase significantly increased milk yield, energy-corrected milk (ECM), and milk protein yield (p < 0.01) and improved fat-corrected milk (p < 0.05). Milk protein content, total solids, and milk fat yield also tended to rise (p = 0.061, p = 0.067, p = 0.091, respectively). No significant differences were observed in dry matter intake (DMI), feed efficiency, or somatic cell count. Serum amylase concentration increased markedly in the AM group (p < 0.01), while other blood parameters remained unchanged. Starch digestibility improved significantly (p < 0.05), and neutral detergent fiber (NDF) digestibility showed a positive trend (p = 0.063). Rumen propionate concentration rose significantly (p < 0.05), with no major changes in pH, ammonia nitrogen, or acetate-to-propionate ratio. In conclusion, α-amylase supplementation in late lactation enhances nutrient digestibility, modulates rumen fermentation, and improves production performance, offering metabolic regulation potential for extending high productivity in late-stage lactation.