Tree peony essential oil (EO) is a critical material for flavor and function in the industrial fields of perfume, medicine and food. To conduct an overall analysis of different varieties of tree peony EOs, the composition, aroma characteristics and antioxidant activity of ZiBan and FengDan EOs were analyzed by two-dimensional gas chromatography and time-of-flight mass spectrometry (GC × GC-TOF/MS) and the odor activity value (OAV). A total of 151 and 123 compounds were identified in ZiBan and FengDan EOs, respectively, in which ZiBan EO was characterized by alcohol, alkane and acid, and FengDan EO was represented by aldehyde, alcohol and terpene. Nevertheless, there were great differences in the content of coexisting substances in the two kinds of EOs. The aroma result indicated that the characteristic aroma and intensity of the two kinds of tree peony EOs were completely different; the aroma of ZiBan EO was mainly composed of fruity and floral aromas, whereas that of FengDan EO primarily consisted of fruity, fatty, grass and floral odors. The antioxidant activities of ZiBan EO was better than that of FengDan EO. The total antioxidant activities of ZiBan and FengDan EOs were found to be 0.020 mg Vc/mL EO and 0.003 mg Vc/mL EO, while the DPPH radical scavenging abilities of ZiBan and FengDan EOs were 24.77% and 21.60%, respectively.