High oleate oil enhance flavors and shelf life and decrease coronary heart disease mortality. A new peanut(Arachis hypogaea ssp. fastigiata L.) variety “K-Ol(Milyang56)” with high oleic acid of fatty acid composition was developed at the Department of Functional Crop, NICS, in Milyang in 2013. This variety was developed from the crossing line between cultivar “Baekseon” with large grain and erect plant type and “F435-5” with high oleate and runner type. “K-Ol” which is Shinpung plant type has 43cm of main stem length and 10 branch number per plant. This also show more resistant to late leaf spot, web blotch and stem rot, compared with check variety “Daekwang”. Each pod has two grains with short ellipse shape of brown testa and yield components is composed of 46 mature pods of per plant, 74g of 100-seed weight, 76% of pod shelling ratio in the regional yield trials(RYT). For 3 year regional yield trials the average yield of “K-Ol” had 4.45 MT/ha for kernel similar to that of check variety. Seed quality show 50.7% of crude oil and 82.9% of oleic acid. The oil acidification of “K-Ol” measured by acid value(P-A value) variation for 3 hours at 180 ℃ showed one-ninth as low as ‘Daekwang’ do. This variety is expected to develop new demand area such as the improvement of cardiovascular disorders and shelf-life, and import substitution of olive oil.