Peanut (Arachis hypogaea L.) is one of the most important crops produced worldwide. Peanut is the dominant crop in the typical upland red soil areas of China; however, phosphorus bioavailability in red soil is very low, which severely affects peanut production. To improve the phosphorus bioavailability, which substantially promotes the green development of peanut production, a peanut–green manure rotation field experiment was conducted with six treatments (milkvetch; radish; brassica rape; mustard rape; winter fallow and no-tillage), commencing in September 2017 in the red soil area of Jiangxi province, China. The results show that compared with no-tillage (NT) treatments, different green manure returning treatments had significant effects on soil pH, soil phosphorus components and available potassium content. The particulate phosphorus and soil available phosphorus contents in the green manure treatments were significantly higher than those in the winter fallow (WF) treatment. Compared with the WF treatment, the content of particulate phosphorous in brassica rape (BR), radish (R) and milkvetch (MV) treatments was significantly increased by 6.55%, 3.66% and 2.50%, respectively; the available phosphorus content in mustard rape (MR), BR, R and MV was significantly increased by 20.93%, 25.60%, 23.76% and 18.10%, respectively. In addition, the total phosphorus content of peanut shell in the MV and R treatment was significantly higher than that in the WF treatment, increasing by 33.47% and 60.66%, respectively. Compared with the WF treatment, the peanut biomass of MR, BR and R treatments increased significantly by 19.51%, 29.83% and 19.77%, respectively. The total phosphorus accumulation in all green manure treatments was higher than that in the WF treatment, and the MV treatment reached a significant level at 18.83%. Based on these results, the particulate phosphorus (PP) and available phosphorus were significantly affected by different green manure treatments; green manure amendment improves peanut phosphorus uptake. The use of green manure (especially milkvetch and brassica rape) can be recommended to improve phosphorus bioavailability and yield of peanut in red soil areas.