A greenhouse study was conducted to investigate the rhizosphere effects on iron (Fe), phosphorus (P), nitrogen (N), potassium (K), calcium (Ca), zinc (Zn), and manganese (Mn) nutrition in peanut plants (Arachis hypogaea L.) by intercropping them with maize (Zea mays L.). In addition, we studied the release of phytosiderophores and the ferric reductase activity of roots, pH and acid phosphatases in the rhizosphere and bulk soil, and the secretion of acid phosphatases in roots. Our results revealed that shoot yields of peanut and maize plants were decreased by intercropping the plants, as compared to monocultured plants. Growing peanut plants in a mixture with maize, enhanced the shoot concentrations of Fe and Zn nearly 2.5-fold in peanut, while the Mn concentrations of peanut were little affected by intercropping. In the case of maize, the shoot concentrations of Fe, Zn and Mn were not significantly affected by intercropping with peanut. Intercropping also improved the shoot K concentration of peanut and maize, while it negatively affected the Ca concentration. In the intercropping of peanut/maize, the acid phosphatase activity of the rhizosphere and bulk soil and root secreted acid phosphatases were significantly higher than that of monocultured peanut and maize. In accordance, the shoot P concentrations of peanut and maize plants were much higher when they were intercropped with peanut or maize, respectively. The rhizosphere and bulk soil pH values were not clearly affected by different cropping systems. When compared to their monoculture treatments, the secretion of phytosiderophore from roots and the root ferric reducing capacity of the roots were either not affected or increased by 2-fold by the intercropping, respectively. The results indicate the importance of intercropping systems as a promising management practice to alleviate Fe deficiency stress. Intercropping also contributes to better nutrition of plants with Zn, P and K, most probably by affecting biological and chemical process in the rhizosphere.