In order to evaluate the land equivalent ratio based on forage yield, oil content and some elements of peanut (Arachis hypogaea L.) grain in intercropping with corn (Zea mays L.), an experiment was carried out during 2013 and 2014 cropping seasons based on a randomized complete block design with three replications in the experimental field of Agricultural and Natural Resources Research and Education Center in Guilan province, Rasht, Iran. Sole cropping of corn and peanut, corn and peanut intercropping patterns with the ratio of 1:1, 2:1, 1:2 and 2:2 planting rows comprised the experimental treatments. The highest corn forage yield was obtained in corn-peanut intercropping pattern with the ratio of 2:1 planting rows. In this research, corn-peanut intercropping pattern with the ratio of 1:2 planting rows had superiority for forage yield, grain yield, oil and protein yield of peanut grain to other corn-peanut intercropping patterns. The lowest forage and grain yield of peanut was shown in corn-peanut intercropping pattern with the ratio of 2:2 planting rows. Results showed that forage and protein yield related to grain yield of peanut. There was a positive and significant correlation between oil and protein yield with grain yield of peanut. But, inversely relationship was shown between nitrogen and phosphorus content in peanut grain. Based on the results of this experiment, corn-peanut intercropping patterns with the ratio of 1:2 and 1:1 planting rows could be recommendable for peanut, grain yield and land equivalent ratio enhancement under climatic condition of the region, respectively.