Oil peony is a new woody oil crop in China. It has important ornamental and oil values. Peony seed oil is a new resource food with high nutrition and health value, which contains rich unsaturated fatty acids. It has the effect of antioxidant, regulatingthe glucose and lipid metabolism, preventing cardiovascular and cerebrovascular diseases. In addition to the oil value, the roots, flowers, leaves, and seeds of oil peony contain many active substances including monoterpene glucosides, phenolics and phenolic glycosides, oligostilbenes, flavonoids, triterpenoids, fatty acids and other constituents. Currently, the development and utilization of oil peony mainly focus on peony seed oil. The deep processing and comprehensive utilization of flowers and leaves of oil peonyare still lagged behind, which needs further research and development.In this paper, chemical constituents and utilization of different parts (seed, root, flower and leaf) of oil peony were reviewed, and the influence factors restricting the deep processing of oil peony were discussed, in order to provide the basis for the comprehensive development and utilization of oil peony industry.