Peony - genus of herbaceous perennials and deciduous shrubs (tree peonies). The only genus of the family Peony (Paeoniaceae). Peonies bloom in late spring, are valued by gardeners for lush foliage, showy flowers and decorative fruit (in some species). Species of family grow in subtropical and temperate regions of Eurasia and North America. Peonies prefer a well-lighted and heated by the sun areas, although they can move, and a small shade in the middle of the day.