A new monoterpene glycoside, 4-O-methyl-4''-hydroxy-3''-methoxy-paeoniflorin (1), was isolated from the root cortex of Paeonia delavayi along with the known paeoniflorin, oxypaeoniflorin, benzoylpaeoniflorin, benzoyloxypaeoniflorin, albiflorin and a paeonilactone-A.