Traditional breeding methods for groundnut have been time-consuming, often taking several years to develop improved varieties. However, recent developments in speed breeding technologies have revolutionized the breeding process, significantly reducing the breeding cycle duration and accelerating genetic gain. This review presents an overview of the key principles and methodologies involved in speed breeding, including the manipulation of light, temperature, and photoperiod conditions to promote rapid growth and development. The application of controlled environments, such as growth chambers and specialized greenhouse setups, enables researchers to simulate ideal conditions for groundnut growth, resulting in shortened generation intervals and increased breeding cycles. Furthermore, the review highlights the various genetic and genomic tools employed in speed breeding, such as marker-assisted selection (MAS), genomic selection (GS), and high-throughput genotyping technologies. One promising avenue is the integration of Speed Breeding (SB) with genome editing techniques, such as the widely used CRISPR/Cas9 system. Genome editing enables precise modifications of specific genes, leading to the development of plants with desired traits. These tools aid in the identification and selection of desirable traits, enabling breeders to efficiently incorporate traits related to yield, disease resistance, drought tolerance, and nutritional quality. The adoption of speed breeding techniques in groundnut breeding programs has shown promising results in terms of accelerated varietal development and increased genetic gain. The review also discusses the potential applications and future prospects of speed breeding in groundnut, including the integration of omics technologies, gene editing techniques, and the development of pre-breeding populations. These advancements hold significant promise for groundnut improvement and have the potential to address the challenges posed by climate change and food security.