Peony seed oil contains various components such as linolenic acid, oleic acid, linoleic acid, palmitic acid and stearic acid. The content of unsaturated fatty acids is over 90%, and the α-linolenic acid content is reach about 40%, which is much higher than olive oil. Peony seed oil has high research value. The main composition, main extraction methods and application of peony seed oil were reviewed, and the prospects for the research and development of peony seed oil were forecasted.