High temperature stress has a significant impact on plant growth and development. Herbaceous peony (Paeonia lactiflora Pall.) is a very important landscape plant used in greenbelt whose growth is restrained seriously by high summer temperature, but little is known about relevant solving measures. In order to find an effective measure, this paper studied the effect of black shading net with about 60% transmittance on alleviating the thermal damage of P. lactiflora under field conditions. The results showed that P. lactiflora physiological indices were higher in shaded plants than those in sun-exposured plants especially in the late stages of higher temperature, such as chlorophyll (Chl) a, Chl b, Chl a+b, soluble sugar, soluble protein contents; whereas the exception to the trend was in Chl a/b and malondialdehyde (MDA) content. Moreover, compared with sun exposure, shade increased P. lactiflora protective enzymes activities, made mesophyll cell ultrastructures more intact, the chloroplasts more round and the grana lamellaes arrange relatively neatly, which led to enhance its photosynthesis rate (Pn) and transpiration rate (Tr). Additionally, the full-length cDNA of a heat shock protein gene (HSP70) containing 2195 bp nucleotides was obtained from P. lactiflora, and the expression analysis of PlHSP60, PlHSP70 and PlHSP90 in four developmental stages showed that shade caused PlHSP60 and PlHSP70 expression levels to rise especially in the late stages. These results indicated that shade alleviated the thermal damage of high temperature stress to P. lactiflora through scavenging reactive oxygen species, protecting cell structures, enhancing photosynthesis and the expression levels of HSP under high temperature stress, which might lay a theoretical foundation for P. lactiflora safe over summering and cultivated form in summer.