A point in time at which an individual is so poor, the only food that s/he can afford to eat is peanut butter and jelly sandwiches.
Kim: Hey, girl, you wanna go to Chili's for lunch today?
Jessica: No, I can't. It's peanut butter jelly time.
Kim: Damn. Maybe next week when you get paid?
Jessica: Yeah. That'll work.
by xeyla April 26, 2009
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the title of a song, sung my a dancing bananna, this song involves strong lyricas and rude/sexual conteint.
when that little kid saw the bananna man dance, and cussing, he was scared for life
by pieman January 9, 2005
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A creepy ass gif of a banana dancing back and forth constantly to mildly weird you out
" Like OMG that guy is such a peanut butter jelly time"
by Cod90Gamer February 11, 2015
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Peanut Butter Jelly Time is a "Booty House" song produced by DJ Chipman from The Buckwheat Boyz.

It is speculated that the song is referencing a car with a purple paint job, brown leather interior, and wood grain steering wheel & trim. The peanut butter is the brown leather interior, the jelly is the purple paint job, and the baseball bat is the wood grain steering wheel & trim. DJ Chipman continues to say "now there he go," and "where he at," throughout the song, referring to the person driving this car.

The song was used for an internet meme on Albino Black Sheep, created by Ryan Etrata, and inspired by Kevin Flynn. The meme featured a dancing banana shaking maracas, including "IT'S PEANUT BUTTER JELLY TIME!!!," in yellow text.

After the success of the meme, Family Guy featured a skit where Brian tries to cheer up Peter by performing the song in a banana suit.
That Family Man show ripped off Ryan Etrata by doing their own version of the Peanut Butter Jelly Time song.
by iambum November 10, 2009
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Internet phenomenon. It began with a song by the Buckwheat Boyz by the same name. A Flash animation shows a highly pixelated banana with four limbs dancing to the music.

In Family Guy, Brian dressed up as a banana and danced to cheer up Peter.
Computer speakers-"It's peanut butter jelly time, peanut butter jelly with a baseball bat"

Guy-"Why is there an anthropomorphic banana on this computer screen?"
by cocoanutv May 6, 2009
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A time or situation that involves the combination of peanut butter and any kind of jam. Such an even is a time of celebration/exitement in many cultures.
e.g. A Dancing bannana screaming the words "PEANUT-BUTTER-JELLY-TIME" repeatedly to any music at all.
by Captain. Bob Jesus March 12, 2003
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