$alpha$-Benzoyloxypaeoniflorin (1), a new antioxidant monoterpene $alpha$-glycoside anomer was isolated from Paeonia suffruticosa along with known compounds, $eta$-benzoyloxypaeoniflorin (2), paeonolide, paeoniflorin and mudanpioside H. The structure of 1 has been determined by comparing spectral data with those of $eta$-Benzoyloxypaeoniflorin(2). Compound 1 exhibited moderately potent radical scavenging activity on DPPH radical.