The five phenolic compounds of peony root were isolated by Sephadex LH-20 column chromatography. Their chemical structures were identified by spectroscopic methods (UV, FT-IR, FAB-MS and $^1H$ .&^13C$-NMR). The complete structures of these compounds were elucidated to be (+)-taxifolin-3-0-$eta$-D-glucopyranoside, benzoic acid, gallic acid, (-)-epicatechin and (+)-catechin. The concentrations of five phenolic compounds in the peony root of three Korean cultivars (Youngchonjakyak, Euisungjakyak and Jomjakyak) were determined by reverse-phase HPLC. The constituents concentration in Youngchonjakyak were generally higher than in Euisungjakyak and Jomjakyak. The concentrations of (+)-taxifolin-3-O-$eta$-D-glucopyranoside, benzoic acid, gallic acid, (-)-epicatechin and (+)-catechin in three different cultivars were ranged 0.23-0.52%, 0.20-0.30%, 0.26-0.28%, 0.09-0.12% and 0.34-0.63%, respectively.