The movie centers on a young black man who visits his white girlfriend's family estate, reported Variety.
"Like comedy, horror has an ability to provoke thought and further the conversation on real social issues in a very powerful way.
"'Get Out' takes on the task of exploring race in America, something that hasn't really been done within the genre since 'Night of the Living Dead' 47 years ago. It's long overdue," Peele, 36, said.
Known more for his comedic talents, Peele, who was nominated for an Emmy for his Comedy Central comedy sketch show "Key & Peele", has tried his hands at darker material in the past, including a recurring role on the first season of the FX drama "Fargo".