A 3-2 win over Alloa on Saturday, combined with Stenhousemuir only managing to draw with Brechin, was enough to save Peterhead from automatic relegation.
However, the work is not done yet as the Blue Toon must now prepare for the relegation play-offs starting this Wednesday away to Montrose.
Peterhead will play The Gable Endies over two legs and, should they progress, will face the winner of Forfar v Annan .
Speaking after Saturday’s win, manager Jim McInally said: “I’m delighted we have been given a chance to put what has gone wrong right to a certain extent because I think the effort has always been there.
“We had to go for it and threw men forward and it was a bit of a kamikaze performance because we had so many forwards on the park.
“As soon as we went ahead I didn’t know what to do as we had only three defenders left on the park but it must have been exciting and having to wait for another score to come in isn’t fun I can assure you.
“I was told that Stenhousemuir had scored and I feel sorry for them to some extent but it isn’t good for the ticker.
“Today when things went against us the players stood up to the challenge and were brave and that hasn’t always been the case this season and we got some breaks.”
Despite the victory, McInally has told his players they must remain focused.
“I have told the players not to celebrate the win though as we have got out of jail for the minute but we still aren’t safe and we need to keep going.
“I don’t blame the elation and it was good for the crowd to get excited too so we have given ourselves a chance and we need to get on with it.
“We have played Montrose a fair bit in bounce games and I will do my homework on them.
“They have come from nowhere and must have some momentum too.
“We need to defend better and the good news is that Liam Gordon is now available and he was up today and praying we made it so he could be involved.
“I’ll sleep tonight for a change!”