Oven-baked until golden and crackly, this Homemade Baked Caramel Corn starts with freshly popped kernels and ends with a buttery caramel glaze that hardens into the most satisfying crunch.
Preheat the oven to 250 degrees Fahrenheit (120 degrees Celsius). Generously spray or butter a rimmed baking sheet, then set it aside.
In a cold, large Dutch oven or stock pot with a lid, add the oil and popcorn kernels. Coat the kernels with oil and turn the heat to medium. Once the first kernel pops (around 2–3 minutes after turning the heat on), place the lid on. When the kernels have popped and you only hear one every few seconds, remove the pot from the heat. Pour the popcorn into a large mixing bowl (you want extra room to stir).
In a small saucepan over medium heat, whisk together the brown sugar, corn syrup, molasses, butter, and salt. Bring to a simmer (or a slow boil), stirring often. You’ll know the mixture is ready when it reads 250 degrees Fahrenheit (120 degrees Celsius) on a candy thermometer (this takes about 5 to 6 minutes).
Remove from the heat and whisk in the vanilla and baking soda. Pour the mixture over the popcorn and gently mix until all of the popcorn is coated (stir in the peanuts, if using). Pour the coated popcorn onto the prepared baking sheet, spreading it out evenly.
Place in the oven and bake for 1 hour, stirring every 20 minutes. Remove from the oven and let the pan cool on a wire rack for 25 minutes. When the caramel corn has cooled, break it into chunks. Serve or store for up to one week.
Notes
STORE Oven Baked Caramel Corn in tight containers or a sealed bag once fully cooled to prevent condensation, which can make it chewy. It stays fresh at room temperature for up to one week.For longer storage, FREEZE in an airtight container or bag for up to two months. Let it sit at room temperature for 15 minutes before serving. If it softens, REHEAT it in a 250 degrees Fahrenheit (120 degrees Celsius) oven for 5–8 minutes to crisp it back up.