On the retirement of Henry Brand in 1884, Peel was elected Speaker. Throughout his career as Speaker, says the Encyclopaedia Brittanica, "he exhibited conspicuous impartiality, combined with a perfect knowledge of the traditions, usages and forms of the House, soundness of judgment, and readiness of decision upon all occasions." In 1885 he retired and was created 1st Viscount Peel. In 1896 he was chairman of a Royal Commission into the licensing laws. The Peel Report recommended that the number of licensed houses should greatly reduced. This report was a valuable weapon in the hands of reformers.
He married Adelaide Dugdale, and they had a son Sydney Cornwallis Peel, who succeeded his father as Viscount Peel.