Known for their large blossoms, the peony is a flower that comes in over 30 different species in a variety of bright colors (via Britannica). While not one of the most common flowers to have tattooed, it has become a popular option thanks the meaning it can carry. According to Bloom and Wild, the peony flower has a variety of meanings across the world including ones rooted in myth and fairytales, as well as wealth in countries like Japan and China. It's also the state flower of Indiana, as noted on the state's official website.
But in general, the flower can mean "prosperity, good luck, love and honor", which are often the cornerstones of tattoo ideas. According to Inked Mag, it can also mean "a happy life, a happy marriage, prosperity, and compassion," while AuthentInk adds that it can be a "strong symbol of beauty, fragility and transitory nature of existence" when made the focal point of a tattoo.