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In recent years, global warming has led to frequent waterlogging disaster (WLD), hindering the normal growth and development of crops, affecting the sustainable development of the peanut industry and food security in China. Henan Province, the main peanut-producing area with frequent WLD, was selected as the study area. Based on the soil-crop-atmosphere continuum system, this study constructed a comprehensive waterlogging index (CWI) to monitor waterlogging events. To determine the applicability of CWI, the standardized precipitation evapotranspiration index (SPEI) was calculated. A risk assessment model was constructed to evaluate the hazards of WLD during the different stages of development of spring peanut. The water stress at different growth stages of peanut on crucial physiological indices were studied to determine the natural vulnerability curve of WLD. As a consequence, based on the "Four-Factor" theory of disaster formation, this study established a dynamic WLD assessment model for peanut and evaluated the comprehensive risk of WLD in Henan from 1990 to 2020. The results indicated that the CWI is capable of accurately identifying waterlogging events and peanut responded significantly differently to water stress; the longer the duration of stress in the late growth period (LGP), the higher was the rate of yield reduction. The comprehensive risk of WLD to peanut rose from north to south during the three growth periods. During the LGP, high-risk regions constituted approximately 34.3% of the total population. This study provides a scientific basis and technical support for better exploration of peanut growth under waterlogging stress to manage and reduce the risk of WLD. • The comprehensive waterlogging index (CWI) can be used to identify waterlogging events. • Different water stress days in three periods had different effects on the growth of spring peanut. • Water stress in the late growth period had the greatest influence on the yield of spring peanut. • The risk was evaluated through "Four-Factor" theory, while the south of Henan had high-risk levels. [ABSTRACT FROM AUTHOR]