Coconut Oil

• Coconut oil contains healthy fats and can add some subtle coconut flavor to your recipe, if you use it instead of peanut oil. Some brands of coconut oil have less flavor, if you prefer not to add the slight coconut flavor to your recipe.

Butter

• Butter can provide rich flavor and texture in recipes and can easily replace peanut oil. Verify amounts with your specific recipe, but in general you will need to use 15 to 20 percent more ounces of butter than oil, according to the book, "The Joy of Cooking."

Butter and Oil

• You can use a combination of butter and peanut oil, if you do not want to use all peanut oil in your recipe. Doing so affects the recipe's fat content.

Instructions

• If you substitute butter or a different oil in place of peanut oil, you will need to adjust the amount of that fat that you use. Follow the recipe's instructions on this. The fat that you use in your recipe can affect its taste, texture and baking time.

Vegetable Oil

• You could also substitute a vegetable oil, such as safflower oil or canola oil, for peanut oil. In many recipes you can use the same amount of peanut oil as the vegetable oil amount you would have used.