ABSTRACTPaeonia suffruticosa, commonly known as tree peony, has a long cultivation history due to its ornamental, medicinal, and oil‐producing properties. Tree peony seed oil (TPSO) extracted from tree peony seeds contains high bioactive components, including unsaturated fatty acids, paeonol, phytosterol, and squalene. These constituents contribute to widespread biological activities such as antioxidant, hypoglycemic, hypolipidemic, immunomodulatory, anti‐photoaging, and hepatoprotective effects, indicating TPSO Possesses nutritional and health‐care value. Especially, TPSO has a remarkable yield of health‐promoting α‐linolenic acid, making it suitable as a premium edible oil or a functional food ingredient. This study focuses on the investigation of natural origin, extraction techniques, oil yield, chemical composition, bioactivities, and applications for TPSO. This study aims to provide new insights into an in‐depth understanding of TPSO, quality assessment, functional foods development, and expanding utilization of tree peony resources.