Peonies (Paeonia spp.) are renowned for their beautiful ornamental flowers and significant cultural, medicinal, and economic values. Based on growth habit, peonies are categorized into herbaceous and tree peonies. Viral infections in peonies, historically referred to as “peony ringspot” or “peony mosaic” diseases, have been reported worldwide over decades. Infections symptoms typically include leaf discoloration and diminished flowering, substantially reducing both ornamental and commercial quality. In severe cases, viral diseases can cause stunted plant growth and impaired flowering, directly affecting peony cultivation and the floriculture profitability. This review systematically summarizes the current research on key viral diseases in peonies, addressing disease classification, symptomatology, causative viruses, pathogenesis, molecular virus–host interactions, and contemporary approaches for prevention and management. The insights provided in this review offer a theoretical foundation and practical guidelines to facilitate effective control of peony viral diseases, potentially promoting sustainable development within the peony industry.