Peters played college football at Kentucky. He started two games as a freshman and started 12 games as a sophomore. As a junior he tallied 36 tackles, 10 tackles for loss and four quarterback sacks. As a senior Peters had four sacks and twelve tackles for losses. Peters was also named second-team All-SEC as a senior.
Peters was selected by the Atlanta Falcons with the 20th pick in the 3rd round of the 2010 NFL Draft (83rd overall pick). The Atlanta Falcons signed Corey Peters to a 4-year deal on June 8, 2010.