Within the cultivated peanut species (Arachis hypogaea L.), there are two subspecies comprising six botanical varieties, and the effect of botanical taxon on oil content and fatty acid composition variability is unclear. To gauge the variability, 83 peanut accessions were analyzed for oil content (expressed at 0% moisture) and fatty acid composition. We found that within the subsp. hypogaea, var. hypogaea contained a much higher amount of oil in seeds than did the var. hirsuta Köhler (520 vs. 473 g/kg, P < 0.05); within the subsp. fastigiata Waldron, the vars. aequatoriana Krapov. & W.C. Gregory and vulgaris Harz contained a similar amount of oil in seeds (491 g/kg), not significantly different from other botanical varieties, but var. fastigiata contained a higher amount of oil (500 g/kg) than the var. peruviana Krapov. & W.C. Gregory (483 g/kg). In terms of the fatty acid composition, oil from seeds of var. hypogaea contained much more oleic acid than did var. hirsuta (491 vs. 377 g/kg, P < 0.05), but much less palmitic acid (97 vs. 138 g/kg, P < 0.05%) and linoleic acid (308 vs. 402 g/kg, P < 0.05). Oil from seeds of var. vulgaris contained much more oleic acid than did var. aequatoriana (437 vs. 402 g/kg, P < 0.05), but much less linoleic acid (346 vs. 380 g/kg, P < 0.05). Significant negative correlations of oleic with palmitic and linoleic acids were detected. The information on the oil content and fatty acid composition variability among botanical varieties would be useful for peanut breeders seeking germplasm containing both high oil content and proper fatty acid composition.