Abstract: Using the method of orthogonal test, the starch sodium octenyl succinate dosage, the proportion between pure peanut butter and water, the homogenate velocity and the homogenate time influence the centrifugal creaming rate and centrifugal sedimentation rate of peanut butter were studied, also the storage stability and sensory characteristics of peanut butter were drawn a comparison. The results showed that when the proportion between pure peanut butter and water was 1∶1, the starch sodium octenyl succinate dosage was8%, the homogenate velocity was 900r/min and the homogenate time was 3min, the lowest centrifugal creaming rate which was 0.92% and centrifugal sedimentation rate which was 1.60% were obtained. Compared with pure peanut butter, this peanut butter had better storage stability and higher sensory evaluation score, the viscosity of this peanut butter was also similar to that of pure peanut butter.