This paper attempts to relate some of the key economic anthropology concepts with the study on African peasant economy. In the economic anthropology perspective, the economy consists of both the market and the community realms, and the African peasant economy is dominated by the community realm. In this realm, individual is embedded in a web of social dependencies and obligations, and material goods and resources are exchanged through a complex of social relationships and associations. African peasant economy is not yet totally captured by capitalism and state control. The principles of subsistence orientation and reciprocity still guide the social and economic behaviors of African peasants. With the community heritage, African peasants have been able to innovate and generate local initiatives. Economic anthropology perspectives and views on African peasant economy offer much potential for a more comprehensive understanding of the unique mechanisms that may have hindered development of the African peasant economy. Backed by years of fieldwork experience in rural Nigeria, I argue that the community realm remains important. The discipline of economic anthropology would help us to better analyze the unique characteristics of the African peasant economy.