Peanut Island is a 79-acre island at the mouth of the Lake Worth Inlet in Palm Beach County, Florida, United States. The island was created by dredging-related projects in 1918 which also created the inlet and the Port of Palm Beach. Originally named Inlet Island, the island was renamed Peanut Island for a planned peanut oil-shipping operation which failed in 1946. A $13-million renovation on the island in 2005 resulted in Peanut Island Park including camp sites, a pier, and a man-made reef.