This study addresses the identification and comparison of volatile organic compounds (VOCs) in different peony varieties to elucidate their distinct aroma profiles and the common VOCs that constitute the unique fragrance of peony flowers, laying a foundation for breeding high-quality peony varieties and developing related products. Headspace gas chromatography-ion mobility spectrometry (HS-GC-IMS) combined with principal component analysis (PCA), partial least squares discriminant analysis (PLS-DA) was employed to analyze and differentiate the VOCs of eight peony varieties: TAOXI, ZIHELIAN, BAITIANE, YAOHUANG, DAFUGUI, DAOJIN, HONGXIUQIU, and MANAOPAN. The study identified 87 VOCs, revealing significant differences in VOC compositions among the samples. Notably, BAITIANE displayed distinct differences in both color and VOC composition compared to the other seven varieties. It exhibited uniquely high levels of butanoic acid-M, butanoic acid-D, hexanal-D, ethanol-D, and ethyl acetate. Twelve key differential VOCs were identified as having significant impacts: ethanol-D, hexanal-D, (e)-2-hexenal-D, (e)-2-hexenal-M, hexanal-M, butanoic acid-M, acetic acid-D, acetic acid-M, butanoic acid-D, ethyl acetate, thiophene, and dimethyl sulfide. KEGG pathway analysis highlighted the roles of xenobiotics biodegradation, terpenoid metabolism, and amino acid metabolism in VOC biosynthesis. The findings are significant for the breeding of fragrant peony varieties and the development of floral-based products. The findings provide theoretical support for breeding new horticultural flower varieties and developing commercial peony products, enhancing the understanding of floral scent chemistry, and offering valuable information for the perfumery, floral food processing, and related industries.