sounds like an infection perhaps thrush which can easily be treated by your doctor but it needs to be identified by a professional
It could be a number of things. If you are not circumcised, it could mean you need to peroxide right after you clean your penis, and then rinse it off with water.
You should see a doctor. There are to many reasons for it to be like this. Feel free to try the peroxide after you clean and then rinse with water, but if it dosen't seem to help in one day, please go to the doctor. I am not trying to scare you, but it's better to be safe than sorry.