Peanut (Arachis hypogaea L.) genotypes may differ greatly with regard to cadmium (Cd) accumulation, but the underlying mechanisms remain unclear. To determine the key factors that may contribute to Cd re-distribution and accumulation in peanut genotypes with different Cd accumulating patterns, a split-pot soil experiment was conducted with three common Chinese peanut cultivars (Fenghua-6, Huayu-20, and Huayu-23). The growth medium was separated into pod and root zones with varied Cd concentrations in each zone to determine the re-distribution of Cd after it is taken up via different routes. The peanut cultivars were divided into two groups based on Cd translocation efficiency as follows: (1) high internal Cd translocation efficiency cultivar (Fenghua-6) and (2) low internal Cd translocation efficiency cultivars (Huayu-20 and Huayu-23). Compared with Fenghua-6, low Cd translocation cultivars Huayu-20 and Huayu-23 showed higher biomass production, especially in stems and leaves, leading to dilution of metal concentrations. Results also showed that Cd concentration in roots increased significantly with increasing Cd concentrations in soils when Cd was applied in the root zone. However, there were no significant differences in the root Cd concentrations between different pod zone Cd treatments and the control, suggesting that root uptake, rather than pod uptake, is responsible for Cd accumulation in the roots of peanuts. Significant differences of Cd distribution were observed between pod and root zone Cd exposure treatments. The three peanut cultivars revealed higher kernel over total Cd fractions for pod than for root zone Cd exposure if only extra applied Cd was considered. This suggests that uptake through peg and pod shell might, at least partially, be responsible for the variation in Cd re-distribution and accumulation among peanut cultivars. Cd uptake by plants via two routes (i.e., via roots and via pegs and pods, respectively) and internal Cd translocation appear to be important mechanisms in determining Cd accumulation in the kernels of peanuts.