Have rash below the head of my penis and skin peeling as well?

See Md. There are several possible causes of skin irritation/rash on shaft of penis. If you are uncircumcised and you do not often retract the foreskin and clean the area, the old skin cells/oil / debris may cause irritation. Some men get eczema of the area and need steroid cream. It could also be a fungal infection like "jock itch". See your md for a diagnosis and treatment plan.