Due to the complex porous structure, biochar usually has good adsorption capacity. Therefore, compared with direct combustion, conversion of peanut shell into biochar by pyrolysis is considered to be an environmentally friendly and efficient method for agricultural solid waste disposal. In this study, biochar production from microwave-assisted pyrolysis of peanut shell was detailed. The yields, surface topographies, and pore structures (pore size distribution and micropore volume) of biochars prepared at different pyrolysis temperatures (700, 750, 800, 850, 900, and 950 °C), microwave powers (350, 400, 450, 500, and 550 W), and residence times (0.5, 1.0, 1.5, 2.0, and 3.0 h) were elaborated. The results showed that the biochar yield gradually decreased and finally stabilized to around 30% while the specific surface area improved within the range of 4.68–67.29 m2/g when the pyrolysis temperature, microwave power, or residence time increased. Biochar with micropore was first obtained at pyrolysis temperature of 800 °C, microwave power of 500 W, and residence time of 2.0 h. This study further proposed quantitative relationships between the pore structures of peanut shell based biochars and experimental conditions (pyrolysis temperature, microwave power and residence time). The results presented in this study can provide guidance for the reuse of peanut shell and the production of porous biochar. The peanut shell biochar prepared in this study can be used in soil remediation, air purification, liquid purification and other fields for its porous structural characteristics.