Peonies are long lived perennials.
There are many plants of 50 or even 100 years old that are still producing beautiful flowers. They require a well drained fertile soil and like a soil ph of 6 to 7.2. Full sunlight is preferred by peonies but they will tolerate shade part of the day. Tree peonies are generally spaced from 4 to 6 feet. Herbaceous peonies are the most common type.