Little attention has been paid to the functional aspect of the flower petal of Paeonia lactiflora, compared to that of its root. To determine the components of flower petal of Paeonia lactiflora, we conducted the Fourier transform ion cyclotron resonance (FT-ICR) MASS spectrophotometric analysis. We detected the 24 different types of ingredients from the 70% ethanol extracts of flower petal of peonia lactiflora cv. ‘Red Charm’. The main compounds were quercetin glucopyranosides, methyl gallate, paonioflolol and kaemperol glucopyranosides. We further tested its functional activity. The 2,2-diphenyl-1-picrylhydrazyl (DPPH) radical scavenging activity of the extracts was 87.9-90.4% at 0.1mg/ml. This result showed that these flower extracts have approximately 5-fold stronger antioxidant potential than a previous report with root extracts (Bang et al. 1999). The result of tyrosinase inhibition assay of Paeonia lactflora extract was almost similar to that of arbutin except significantly higher effect in the coral sunset extract at 0.1% concentration. Hyaluronidase inhibition assay showed 76.5% inhibition at 5% concentration of this flower extract, indicating that Peaonia lactiflora flower extracts have the major anti-inflammatory, anti-oxidant and brightening effects. Taken together, these results suggest these three Paeonia lactiflora species extracts might provide the basis to develop a new natural brightening agent.