Some of the best peony varieties to grow for cutting are Paeonia lactiflora 'Vogue,' Coral Charm, and 'Baroness Schroeder,' says Speight. "Herbaceous peonies should be planted in the fall where they rise from the earth the following spring," she says. While peonies can take a growing season or two to bloom, they will grow in a variety of colorful hues.