Abstract: The aim of this study was to evaluate the responses to difference in available soil water levels for yield and reproductive characters of peanut genotypes and relate these responses to pod yield under drought conditions. Eleven peanut genotypes were tested under three soil moisture levels (Field Capacity (FC), 2/3 available soil water (AW) and 1/3AW). Data were recorded for total number of flowers, pegs (reproductive sinks; RSs), immature pods and mature pods per plant, number of seeds per pod, 100-seed weight and pod yield at harvest. Drought at mild and severe levels significantly reduced Harvest Index (HI), yield components and reproductive developmental characters and the reductions were most substantial for pod yield with increasing moisture stress. High pod yield under drought conditions in ICGV 98300 was caused by high potential yield and low yield reduction, whereas high pod yield in ICGV 98324 was due to low pod yield reduction. High HI and numbers of mature pods are advantageous and necessary for high yield under drought conditions. High conversion of RSs to total pods and conversion of flowers to mature pods were the most important factors contributing to high pod yield under mild drought (2/3 AW) and severe drought (1/3 AW), respectively. Tifton 8 showed the lowest pod yield and poor seed filling under well-watered and droughts conditions.