Abstract: Peony plants possess ornamental, medicinal, and economic value, with their seed resources holding immense development potential and demonstrating broad application prospects in food, pharmaceuticals, cosmetics, and other fields. This paper systematically summarizes the nutritional components and bioactive constituents of Paeoniaceae seeds, the factors influencing them, and their future development and utilization prospects. Nutritionally, these seeds are rich in unsaturated fatty acids, proteins, carbohydrates, minerals, and vitamins. Notably, they contain a high proportion of unsaturated fatty acids with a fatty acid profile meeting healthy dietary standards, making them an excellent source of wholesome nutrition. Regarding bioactive components, the seeds contain various substances including total phenols, flavonoids, iridoids, and monoterpenes (e.g., paeoniflorin). These compounds exhibit multiple pharmacological activities such as antioxidant, anti-inflammatory, antibacterial, and antitumor effects, providing crucial raw material support for related industries. Research indicates that seed composition is closely linked to geographical conditions (e.g., altitude, temperature, rainfall), cultivation methods (e.g., rain-protected cultivation, root-restricted cultivation, shading treatments), and processing pretreatment conditions. Rational regulation of these factors can effectively enhance seed quality. In terms of utilization, Paeoniaceae seeds can expand the oilseed industry through oil processing. Oil-extraction byproducts like seed cake meal can be developed into feed, edible fungus culture media, and organic fertilizers. Meanwhile, the active compounds within the seeds provide raw materials for the pharmaceutical and cosmetics industries, forming a comprehensive, tiered development model across the entire industrial chain. This study provides a theoretical foundation for the high-value utilization of Paeoniaceae seeds, holding significant importance for advancing the transformation of these resources from solely ornamental purposes toward “medicinal and edible dual-purpose” and “multifunctional utilization”.