Peanut hull residues were considered for the manufacturing of particleboards. Various concentrations of two types of adhesive—polymeric diphenylmethane diisocyanate (MDI) and urea-formaldehyde (UF)—were separately combined with four types of peanut hull particles (fine, mixed, coarse particles, and peanut hull powder) to manufacture particleboards with a certain target density. The confidence level of the effect of the selected production parameters on the physical and mechanical properties of the panels was evaluated. The results showed that increasing the adhesive mass percentage significantly improved the dimensional stability of the boards. A better mechanical performance was achieved for the MDI-bonded boards compared with the UF-bonded boards. Superior bonding between the MDI adhesive and the peanut hulls with different particle geometries was also observed; the peanut hull powder and coarse particles were unsuitable for the manufacturing of panels, due to the risk of an internal blowout. The water resistance of the panels was poor, whereas the mechanical strength of the peanut hull particleboard met the class M-1 requirement of the ANSI A208.1 (2009) standard for wood particleboard.