A favorite for generations of gardeners, peonies are known for their fragrant, elegant flowers in late spring. The full, fluffy flowers are impressive in cut-flower displays. Available in many flower colors, including white, pink, red, salmon, yellow and lilac hues, peonies are long-lived perennials that are versatile in the garden. They can be grown as an accent plant, grouped as a foundation planting, or grown as a low hedge. Peonies' ornamental foliage stays attractive for months. While peonies are slow to bloom after planting (it can sometimes take three years), they are extremely long-lived. Peonies grow best in full sun and in well-drained, slightly acidic soil.