Abstract: Background and Objective: Peanut is considered as one of the most abundant food legumes in the world. This study aimed at using organic solvents mixed with acid or base to optimizations of peanut by-products/waste with fast methods and low cost and investigating the protein content of soluble and insoluble fractions of peanut meal subjected to different treatments. It also aimed at estimating the bioactive compounds and its anti-oxidant activity in all extracts. Materials and Methods: The peanut meal was first defatted followed by grinding in coffee mill then subjected to the different concentration of single solvents, then extracted with acid and base. Another treatment was extraction of peanut meal protein with solvents mixed with acid and base. The soluble and the residue (insoluble) fractions of the defatted peanut meal were analyzed for their protein content by 8% native PAGE and 12.5% SDS-PAGE as a biochemical marker. Results: The gels showed bands at low molecular weight protein that were observed in area up to 25 kDa, these were extracted by acid and base treatments. There was a significant difference (p<0.05 ±SD) between almost extracts. The soluble extracts showed high contents of phenolic compounds especially that extracted in the acidic, basic medium together with aqueous ethanol. It also contains appreciable amounts of saponins and flavonoids that exhibit anti-oxidant activities. The extracts of 60% ethanol and 100% ethanol were the most effective on Breast Carcinoma Cell Line (MCF7) and Liver Carcinoma Cell Line (HEPG2). Conclusion: The soluble extracts especially extracted by acid or base (which is rich with protein content) can be used in many food applications in the industries after its neutralization and for other purposes.