Peltonen was the first Finnish player to play in the German Bundesliga. The forward made 38 appearances for Hamburger SV between 1964 and 1966, scoring six goals. His career in Germany ended after only two seasons because of contract disputes.
In Finland Peltonen always represented Valkeakosken Haka, winning two Finnish championships and five Finnish Cups with the club. For the Finnish national team he made 68 appearances, scoring 11 goals. He was chosen Finnish Player of the Year three times.