An old-fashioned favorite beloved for its full beauty. So many memories are stirred by glimpsing the peony's lush, satiny blooms or smelling its individual, lovely fragrance. It is fitting that the peony has become the traditional flower of Memorial Day. Peonies appreciate Colorado's sunny conditions. In addition, they are cold hardy and do well at high elevations. Peonies bloom in a colorful range of pinks, reds, whites, corals, and even yellows.