The aim of the research was to verify the influence of macro and micronutrients present in the peanut waste (hulls and nuts) for supplementation of Pleurotus ostreatus substrate. The raw materials for base substrate preparation were Brachiaria dictyoneura, sugarcane bagasse (bulk material), rice and wheat bran, calcitic limestone, and gypsum. The following supplement formulations were used as treatments: (1) 100% peanut hulls, (2) 80% peanut hulls + 20% nuts, (3) 60% peanut hulls + 40% nuts, (4) 40% peanut hulls + 60% nuts, (5) 20% peanut hulls + 80% nuts, and (6) 100% nuts. A commercial supplement was also used as an additional treatment. The supplementation was done at spawning using the rates of 1% and 2% wet weight of the substrate. Positive correlations amongst yield and N content, and weight of mushroom and P and K content were verified with 1% supplement. A positive correlation between yield and Cu content, and a negative correlation between yield and Mn content were observed with 2% supplement. The use of peanut waste can be used as supplement for the production of P. ostreatus increasing biological efficiency up to 61%. A better combination can be reached with 20% peanut hulls + 80% nuts or 100% nuts. The addition of 2% supplement in the substrate provided greater yield than 1%.