Peony is one of the most important ornamental plants in the international flower market, but has a relatively short vase life in water. This study tested the effects of 8-hydroxyquinoline citrate (8-HQC) and nanosilver (NS) in combination with sucrose, as well as two commercial preservatives, on the longevity and some physiological and biochemical aspects of senescence of cut flowers of 14 cultivars. Responses varied both by cultivar and treatment. The preservatives extended the vase life in only five cultivars; however, in nine cultivars, preservatives increased the flower diameter and improved the general flower appearance. Blockages in xylem vessels started to appear soon after harvest. Both NS and 8-HQC with sucrose prevented tylose formation, while bacterial blockages were reduced only by the NS solution. Reduction in stem blockages did not translate into better water balance or flower longevity. The highest carbohydrate accumulation in petals was observed in the NS solution. Preservatives mitigated the rise in free amino acids, including free proline. They did not prevent an increase in H2O2 content but flowers in preservatives generally had higher catalase activity than in the control. As solutions with NS produced comparable or even better results than 8-HQC, we recommend the latter as a component of a preservative for cut peony flowers. However, cultivar-specific responses indicate that postharvest treatments must be individually tailored to each cultivar.