The commercialization of peanut products is presently limited by the absence of a reliable method of degrading the allergen while yielding acceptable flavor. We examined the effect of co-fermentation of peanut milk by Lactobacillus plantarum strain P1 and Lactobacillus pentosus strain Y6 (FPM-LE) on its protein structure, Ara h 1's immunoreactivity, physicochemical properties and flavor. Protein analysis showed that protein folding, and degradation occurred during the fermentation and significantly degraded peanut proteins greater than 20 kDa. The immunoreactivity of FPM-LE of Ara h 1 was most reduced by 74.65% compared to sterilized peanut milk. We found that FPM-LE had higher acidity, water holding capacity, viscosity. The flavor of FPM-LE was significantly improved compared to peanut milk fermented by L. plantarum P1 or L. pentosus Y6 alone. The characteristic flavor metabolites (CFM) of FPM-LE were 1-hexanol. Overall, FPM-LE as a product has strong potential to become a hypoallergenic, peanut milk drink with excellent taste and flavor.