‘Florigraze’ rhizoma peanut (Arachis glabrata Benth.) is productive and persistent under moderate shade and has potential as an understory forage for grazing in southeastern U.S. pine (Pinus spp.) plantations. When grown in full sun, Florigraze has high forage quality, but the effect of shade on its nutritive value is not known. A 2‐yr field study was conducted on a siliceous, hyperthermic Arenic Paleudult soil to determine nutritive value of Florigraze herbage when grown under 34, 54, 78, and 100% of incident photosynthetic photon flux density (PPFD). Treatments were arranged in three replicates of a randomized complete block design, and there were three harvests in both 1989 and 1990. Leaf crude protein (CP) increased 20 to 40 g kg−1 as PPFD increased from 34 to 100% in both years while leaf in vitro organic matter digestibility (IVOMD) increased 20 to 30 g kg−1 and neutral detergent fiber (NDF) decreased 20 to 50 g kg−1 with increasing PPFD only in the second year. Stem CP increased 10 to 20 g kg−1 and IVOMD 50 to 100 g kg−1 with increasing PPFD in at least two harvests each year while NDF and lignin concentrations decreased with increasing PPFD (50–80 and 15–25 g kg−1, respectively). In conclusion, leaf and stem nutritive value of shaded rhizoma peanut are lower than when grown in full sun, but they are not so low as to limit use of rhizoma peanut as an understory forage crop.