By Updated Reviewed by Cuteness may earn compensation through affiliate links in this story. Learn more about our affiliate and product review process . Fleas are not only a nuisance for both you and your dog but their bites can be painful and may lead to further complications. While hydrogen peroxide may kill fleas by drowning them or damaging the protective layer that keeps their bodies from dehydrating, it can irritate skin and may bleach or discolor your dog's fur.