Peanut (Arachis hypogaea L.) is a globally important oil crop, which often experiences poor growth and seedling necrosis under low nocturnal temperatures (LNT). This study assessed the effects of supplementary calcium (Ca2+) and a calmodulin inhibitor on peanut growth and photosynthetic characteristics of plants exposed to LNT, followed by recovery at a higher temperature. We monitored key growth and photosynthetic parameters in a climate-controlled chamber in pots containing soil. LNT reduced peanut growth and dry matter accumulation, enhanced leaf nonstructural carbohydrates concentrations and non-photochemical quenching, decreased the electron transport rate, increased the transmembrane proton gradient, and decreased gas exchange rates. In peanuts subjected to LNT, foliar application of Ca2+ restored growth, dry matter production and leaf photosynthetic capacity. In particular, the foliar Ca2+ application restored temperature-dependent photosynthesis feedback inhibition due to improved growth/ sink demand. Foliar sprays of a calmodulin inhibitor further deteriorated the effects of LNT which validated the protective role of Ca2+ in facilitating LNT tolerance of peanuts.