The unclear composition of bitter substances in peony seeds limits the comprehensive development and efficient utilization of peony seeds. In this study, a combination of organic solvent extraction and sensory evaluation was used to separate and identify the bitter substances in peony seeds by ultra-high performance liquid chromatography-quadrupole/orbitrap high-resolution mass spectrometry (UPLC-HRMS). The results of the study showed that the peony seed sample was extracted by n-hexane, citric acid aqueous solution, n-butanol, and purified by AB-8 macroporous resin. 5 components were obtained: F-Ⅱ-1-MR1, F-Ⅱ-1-MR2, F-Ⅱ-1-MR3, F-Ⅱ-1-MR4, F-Ⅱ-1-MR5. Two bitter components were screened by sensory evaluation: F-Ⅱ-1-MR2, F-Ⅱ-1-MR3. UPLC-HRMS was used to analyze and identify those bitter components. A total of 24 compounds were identified, including 7 monoterpene glycosides, such as paeoniflorin, 7 flavonoids, such as luteolin, 2 stilbene, such as resveratrol, 6 fatty acids, such as 9,12,13-trihydroxy-10,15-octadecadienoic acid, and 1 kind of organic acids was benzoic acid. Among them, paeoniflorin is the highest yield component in peony seed extract, and it is also the main bitter compound in peony seeds.