Low temperature is the most common abiotic stress factor in peanut cultivation. Chitooligosaccharide (COS) plays an important role in the low-temperature resistance in plants, however, the role of COS in regulating the cold tolerance in peanuts is not clear. This research investigated the effects of exogenous COS on peanut seedlings in response to low temperatures. The results showed that exogenous COS can significantly alleviate the cooling symptoms of seedlings by reducing the content of malondialdehyde (MDA) and reactive oxygen species (ROS) under simulated low-temperature conditions (8 °C). These reductions may be related to the elevation of superoxide dismutase (SOD), peroxidase (POD), catalase (CAT) and polyphenoloxidase (PPO) activities and the increased contents of osmotic substances such as soluble sugars (SS), soluble protein (SP), proline (Pro), and total phenols (TP) compared with those in untreated seedlings. Meanwhile, the contents of chlorophyll a and b in a peanut leaf also increased, as well as the net photosynthetic rate (Pn), resulted in an increased plant height, a heavier fresh weight, and an increased dry weight. Notably, the treatment of 100 mg·L−1 COS had maximum gain effects compared with those of other treatments. In summary, this study revealed the usage of COS for chilling stress alleviation, and 100 mg L−1 foliar spraying is recommended.