Since ancient times, people have used medicinal plants as a source of medications to treatand prevent diseases. Paeonia species are important therapeutic plants in Ayurvedic, Unani,and Traditional Chinese Medicine. This study aims to provide updated information on theethnobotany, phytochemistry, and pharmacological activities of Paeonia species discovereduntil now. Using the keywords “Paeonia”, “geographical distribution”, “ethnopharmacologyand traditional values”, “phytochemistry”, “antioxidant”, “anti-inflammatory”, “antimicrobial”,“cardiovascular diseases”, and “anticancerous properties”, the published reports from 2001 to2022 were retrieved using Google Scholar, Science Direct, PubMed, and Scopus databases. Atotal of 156 published articles were studied after meeting the qualifying criteria. Out of these,52 articles were studied for phytochemistry, ethnopharmacological and traditional uses.Paeonia emodi is used to treat hypertension, asthma, convulsions, epilepsy, bronchitis, ascites,uterine abnormalities, and a variety of skin ailments. Bioactive compounds like triterpenes,monoterpene glucosides, phenols, tannins, emodinol, benzoic acid, paeonin A and B, steroids,several secondary metabolites like paeoniflorin and paeonol, and several minerals areabundant in the Paeonia species. In recent studies, Paeonia emodi has been shown to possesspharmacological properties like antioxidant, antibacterial, anti-inflammatory, insecticidal,and anti-tumor activities. Convincing data supports the traditional ethnomedicinal claimsof the plant; the abundant phytocompounds of the plant are attributed to its broad spectrumof pharmacological activities. In order to understand the molecular mechanisms underlyingthe action of the bioactive ingredients in drug development processes and to investigate theirpotential at the clinical level, more research is required.