ABSTRACT High-performance liquid chromatography (HPLC) fingerprinting is a reliable quality control method for traditional Chinese medicine (TCM). As a research method combining fingerprint and pharmacodynamics of TCM, the TCM spectral effect relationship is widely used in the quality control of TCM and its preparations, which can better reflect the intrinsic quality of TCM and is of great significance for the research on the material basis of TCM efficacy. In this study, an HPLC fingerprint of the extracts from the aerial part of Paeonia lactiflora Pall (APPE) was first established. Then, the HPLC fingerprint of APPE was evaluated by stoichiometry analysis methods such as similarity analysis, hierarchical clustering analysis, and principal component analysis. At the same time, the spectral effect relationship between the HPLC pattern and the total antioxidant capacity of APPE was analyzed by Partial Least Squares Regression (PLSR). The results showed that the similarity correlation coefficient of the 12 batches was ≥0.994, and the total antioxidant capacity was stable. In addition, PLSR analysis showed that 13 chemical components were closely related to the antioxidant activity of APPE.