Abstract: Oil tree peony, which has greatness of fruiting quantity,is used as peony groups that produce seeds and process edible oil or peony plants in the oil yield of more than or equal to 22% of species collectively. Oil tree peony, as the development of woody oil crops in China, has high economic value, ecological value and social benefits. In addition, Peony seed oil,with remarkable economic value,is rich in unsaturated fatty acids and α-linolenic acid.The peony flower is large in size, the single flower is large, which has high ornamental value; Oil tree peony has the features such as cold, drought and barren resistance,and is the economic tree of greening.This paper mainly introduces the research and utilization of oil tree peony,economic value, landscape ecological value and development prospects, and provides reference for our country to promote the scale of oil tree peony and build an industrial system.