The effects of alkali and high temperature treatments on the aflatoxins degradation and enzymatic hydrolysis of peanut dregs are studied in this paper. Results show that the alkali and high temperature treatments contribute to the degradation of aflatoxins in peanut dregs and the enzymatic hydrolysis of peanut dregs. The optimized conditions are as follows: temperature of 121 ℃, pH value of 10 and treatment time of 60 min, under which 84.50% of aflatoxins are decomposed and the concentration of the aflatoxins in the enzymatic hydrolysate is 0.344 ng/ml. Besides, the recovery rate of protein and amino nitrogen content in the hydrolysate are 27.44% and 57.70% respectively higher than those of the control group.