Peanuts were hydrolyzed step by step with various enzymes to prepare protein powder. Using peanuts as raw materials, protein extraction rate response value, enzyme addition amount, temperature, and pH as experimental factors, were used to establish a data model to optimize the extraction process with response surface. The protein powder prepared under this condition was compared with the protein powder prepared by water extraction method, single enzyme extraction method and commercially available protein. The particle size distribution, solubility, emulsification and surface hydrophobicity of protein powder extracted by compound enzyme were studied. The results showed that the optimal enzymatic hydrolysis conditions of the complex enzyme were 1.8% enzyme addition, 55 ℃ reaction temperature, and pH 9.2. Under these conditions, the protein extraction rate reached 89.21%. The particle size distribution of the protein powder prepared by the complex enzymes was uniform, and the particles were smaller, indicating that the protein solubility and emulsification were significantly improved.