One of the significant oilseeds grown in Odisha, groundnut accounts for more than 68% of all oilseeds produced in the state. Odisha’s groundnut productivity, however, is lower than the national average. The state has a great deal of potential to increase peanut production and productivity. The goal of the current study was to examine the groundnut crop’s economics. The sampling has been done for the selection of Tehsils, clusters of villages, and groundnut farmers of different farm-size classes. The groundnut was selected because of the largest area under cultivation. The district of Odisha was specifically selected for the current study. Data were analyzed using various cost concepts, compound annual growth rate (CAGR), resource use efficiency, allocation efficiency, and technical efficiency of groundnut both at farm level and size group level to study the changes over time in different periods for the state of Odisha. The economics and efficiency of groundnut production were investigated in this study in Odisha (2008–09, 2012–13 and 2016–17). It discovered a peak B: C ratio of 1.41 in 2016–17 using Cobb-Douglas and stochastic frontier production models. In the aforementioned periods, explanations accounted for 61%, 55%, and 65% of the variation in groundnut productivity among farms in Odisha.