The present invention has methods for preparing a processed peanut product containing high levels of peanut hearts material, with the peanut heart material being substantially stripped of bitter taste so as to provide debittered peanut hearts of comparable taste to actual peanuts or as being flavorless without adversely affecting the taste of a foodstuff end product. The processed product includes whole or fragmented peanut hearts and peanut heart powder processed using alkaline wash, neutralization, and drying for inactivating enzymes and removing bitter flavoring components. The peanut heart materials are debittered by adjusting the pH to about 8 to about 12 with an alkali material (e.g., sodium hydroxide) to solubilize the protein content and release the bitter flavor compounds making it possible to separate such compounds by ultrafiltration. The alkali treated peanut heart material is neutralized with an acidic aqueous solution.