Yes, Peony is toxic to dogs!
Dogs accidentally consuming the Peony plants can show the following clinical symptoms: Vomiting, Prolonged Depression, Incoordination, Hypersalivaton, Sleepiness Or Excitation, Dilated Pupils, Low Body Temperature, Low Blood Pressure, Coma, Seizure And Death (In Rare Cases).
Peony consumption is also toxic to Cats and Horses.
Toxic Principles Of Peony: Paeonol.
More Info About The Peony Plant
Scientific Name: Paeonis officinalis
Family: Paeniaceae.
The answer is based on information found on The American Society for the Prevention of Cruelty to Animals (ASPCA) website.