SummaryDespite its high protein content and low cost, defatted peanut flour (DPF) remains underutilised in human foods. The objectives of this study were to: (1) determine the best extrusion parameters for a peanut‐based textured meat analogue (TMA); (2) develop new TMA products from DPF and (3) evaluate their consumer acceptability. Preliminary runs using a wide range of extrusion parameters were conducted. A central composite RSM design was used to determine the optimal extrusion conditions within the best ranges revealed by the preliminary runs. Three levels of moisture, screw‐speed and barrel temperature were used in 31 runs. Expansion ratio, bulk density, texture profile, water absorption/solubility indexes of the extrudates were determined and used as indicators of product quality. Peanut‐based TMAs produced at optimal extrusion conditions were flavoured with beef flavour and evaluated by a 60‐member sensory panel for flavour, texture, and overall liking, using a 9‐point hedonic scale. Optimisation studies revealed that the most important extrusion conditions are in descending order: protein content, temperature, moisture and screw‐speed. Extrusion conditions that produced the best TMA were 60–65% protein, 50–55% moisture, 160–165 °C and 80–90 r.p.m. Sensory acceptability of snacks incorporating peanut‐based TMAs was similar or better than those containing soya‐based TMAs in terms of flavour, texture, off‐flavour and overall liking. TMA produced from inexpensive DPF has the potential to compete with commercial meat analogues, thereby adding value to the peanut industry.