Tree peony flowers are edible and traditional Chinese medicine materials. In the present study, 26 flavonoids were identified and quantified in yellow flowers of tree peony by high-performance liquid chromatography with diode array detector (HPLC-DAD) and by HPLC-electrospray ionization-mass spectrometry (HPLC-ESI-MS). Seventeen of them were first reported in flowers of tree peony, and glycosides of kaempferol, luteolin, and apigenin as well as isosalipurposide were the main flavonoids investigated. Furthermore, the petal extracts showed high antioxidant activity according to DPPH*, ABTS*(+), and OH* scavenging assays and ferric reducing antioxidant power assay. There were significant correlations between antioxidant activity and both the total polyphenol content (determined by Folin-Ciocalteu method) and the total content of quercetin, kaempferol, and luteolin glycosides. This work is valuable for elucidation of phenolic composition in tree peony flowers and for further utilization of them as functional food and medicine materials.