A peanut milk-based infant formula was developed from peanuts. The effects of extraction pH and temperature on the yield and protein content of spray-dried peanut milk were evaluated. Peanut-based infant formulas (PBIF-75) was developed using spray-dried peanut milk and a premix of vitamins and minerals. Physical properties, approximate composition, minerals, vitamins and amino acid composition, and caloric value of PBIF-75 were evaluated and compared to those of soya-based infant formula (SBIF) and World Health Organization (WHO) F-75. Spray-dried peanut milk yield was 15–18% with a protein content of 30–45%, depending on the extraction pH and temperature. PBIF-75 was nearly identical to WHO F-75 in terms of amino acid profile, most vitamins and minerals, proximate composition, caloric value, and physicochemical characteristics such as water activity and colour. However, few of the vitamins and minerals in PBIF-75 will require further adjustment to fully meet WHO’s requirements of a recovery formula for undernourished infants.