There are a lot of great peer-review journals on religion. Of course, we all want something into a top journal like Church History, Journal of the American Academy of Religion, Religion and Culture, Journal of the Scientific Study of Religion, etc. etc. But if you are interested in a peer-reviewed journal that specializes in graduate research into religion with a much quicker acceptance notice (2 months about), see the Intermountain West Journal of Religious Studies at www.imwjournal.com.
For me, I've published mainly in journals in my subfield (haven't gotten into a top journal yet) and at this level it seems it takes about a year for the full process.