Paeonia moutan (commonly known as moutan peony or tree peony) is a traditional Chinese medicinal herb. Its root cortex, known as "Mudanpi" (牡丹皮), has been widely used in Traditional Chinese Medicine (TCM). Historically, Paeonia moutan has been used primarily for its purported abilities to "clear heat," "cool the blood," and promote blood circulation. In TCM, anemia-like symptoms are often interpreted as patterns of blood deficiency or stasis, and herbs like Paeonia moutan may be included in multi-herb formulas intended to address these patterns. However, the primary traditional use of Paeonia moutan is not specifically for anemia, but rather for inflammatory conditions, gynecological disorders (such as irregular menstruation), and ailments involving blood stasis.

Scientific studies on Paeonia moutan have focused mostly on its anti-inflammatory, antioxidant, and anticoagulant properties. There is limited direct scientific evidence supporting its use for the treatment or management of anemia. Most published research does not indicate hematopoietic (blood-forming) effects, and the herb is not recognized in modern clinical practice as a treatment for anemia. Thus, its use for anemia is based more on traditional patterns and indirect support rather than direct empirical evidence.