The film premiered at South by Southwest on March 9, 2019, and was given a limited theatrical release in the United States on August 9, 2019, by Roadside Attractions.

[5] Zak, a young man with Down syndrome, escapes from a state-run care facility with the help of his elderly roommate, to train as a professional wrestler under the tutelage of his hero, the Salt Water Redneck.

Tyler teaches Zak various life skills, including how to use a shotgun, and eventually takes on the role of his coach, getting him in shape for his wrestling endeavors.

Eleanor soon finds them, but after learning her boss intends to send Zak to a more severe form of confinement, joins them to travel south.

When they reach Ayden, North Carolina, Tyler learns that the Salt Water Redneck has retired and closed the school, but convinces him to resurrect his alter ego for Zak.

[6] Nilson and Schwartz met Gottsagen at a camp for actors with disabilities around 2011 in Venice, California, and he expressed interest in them making a film with him.

[9] Later that month, John Hawkes, Jon Bernthal, Thomas Haden Church, Mick Foley, Jake Roberts and Yelawolf joined the cast of the film.

The soundtrack contains original music composed by Zach Dawes, Jonathan Sadoff of Thenewno2, and Noam Pikelny and Gabe Witcher of Punch Brothers, as well as new and classic songs from Sara Watkins, Colter Wall, Chance McCoy of Old Crow Medicine Show, Gregory Alan Isakov, Ola Belle Reed, and the Staple Singers.

[12] The studio reported that the film was number one in more than half of the theaters it played at, including "a big commercial multiplex in Salt Lake City," and locations in Los Angeles, Dallas, Charlotte, Denver and Austin, with "lots of sellouts in various markets.

The website's critical consensus reads, "A feelgood adventure brought to life by outstanding performances, The Peanut Butter Falcon finds rich modern resonance in classic American fiction.