peanut butter and jelly noun2 •(US) Peanut butter and jelly (or jam) that is spread on bread to make a sandwich. •(US) A sandwich consisting of bread spread with layers of peanut butter and jelly.On your average march you'll find you get through a good two peanut butter and jellies before you even get to where you're supposed to demonstrate — 1971 formspeanut butter and jellies · peanut-butter-and-jellies