To improve the application value of peanuts, the fungicidal effect and physicochemical properties of the protein in peanuts were investigated by combining high voltage atmospheric cold plasma (HVCP) and ultraviolet-cold plasma (UVCP) in this study. Compared to the single HVCP or UVCP treatment, the combined treatments exhibited a higher fungicidal efficiency of A. flavus spores in peanuts, decreasing by 0.79–2.97 log10 cfu/g after 8-min treatment. The A. flavus growth and aflatoxin production in peanuts during storage were also lower than the single plasma groups. Moreover, cold plasma treatments could modify the molecular structures of protein in peanuts by changing secondary and tertiary structures, decreasing particle size and increasing zeta potential, which contributed to improve the solubility and emulsification of protein. Overall, this research provides a unique strategy for the combined application of cold plasma in grain decontamination and protein modification.