Accurate estimation of crop water consumption (ETc) is a prerequisite for achieving precision water management in farmland. To explore high-quality and efficient irrigation indices for peanut under mulched drip irrigation in northern Xinjiang, a three similar to year field experiment (2022-2024) was conducted at the Anningqu Comprehensive Experimental Station of the Xinjiang Academy of Agricultural Sciences during the peanut growing seasons. The experiment included three irrigation levels: in 2022, the quotas were 22.5 (W0), 30.0 (W1), and 37.5 mm (W2); in 2023 and 2024, they were 30.0 (W1), 37.5 (W2), and 45.0 mm (W3). Based on meteorological data and field observations, the effect of different irrigation amounts on water consumption characteristics, yield, and water productivity of peanut were analyzed. The dual crop coefficient method was employed to estimate the crop coefficients and ETc of peanut under mulched drip irrigation, and the parameters of the farmland water balance model were calibrated and validated. The results showed that irrigation level significantly affected water consumption characteristics and water productivity of peanut (p < 0.05). The water consumption pattern exhibited a unimodal curve, with the pod similar to setting stage identified as the critical water demand period. During this stage, the evapotranspiration intensity ranged from 3.56 to 5.11 mm & centerdot;d(-1), accounting for 33.58%-43.15% of the total seasonal water consumption. The W2 treatment (irrigation quota of 37.5 mm) achieved the optimal synergy between yield and water productivity, with a yield of 5297.35-8568.8 kg & centerdot;ha(-1) and water productivity of 1.32-2.19 kg & centerdot;m(-3). Through model simulation, the locally calibrated basal crop coefficients for peanut under mulched drip irrigation were obtained: K-cb ini = 0.30, K-cb mid = 1.15, and K-cb end = 0.60. Based on three similar to year data, fthe W2 treatment (37.5 mm) with optimal water productivity, the average range of actual crop coefficients under water stress conditions (K-s < 1) was: K-c ini = 0.36 similar to 0.38 at the seedling stage, K-c dev = 0.84 similar to 0.88 at the flowering similar to pegging stage, K-c mid = 0.99 similar to 1.29 at the pod similar to setting stage, and K-c end = 0.47 similar to 0.73 at the pod similar to filling stage. Under full irrigation conditions (K-s = 1), the average ranges of the ideal values were: K'(c ini) = 0.36 similar to 0.38, K'(c dev) = 0.86 similar to 0.89, K'(c mid) = 1.30 similar to 1.31, and K'(c end) = 0.99 similar to 1.00. Furthermore, plastic film mulching effectively controlled the proportion of soil evaporation to 9.04%-16.90%, optimizing the water consumption structure. Based on the comprehensive findings, the W2 treatment is recommended as a suitable water management strategy. This study provides methodological and parametric support for precision water management of mulched drip similar to irrigated crops in arid regions.