This study examined the economic feasibility of cultivating peonies, which are grown in various regions of Türkiye, particularly in Karaman. The peony plant is an important alternative in agricultural production due to its low land requirements, resilience to climate change and high added value. The study employed a full enumeration method and conducted surveys with 19 peony producers across Turkey. Findings on peony production obtained from producers revealed that, due to high establishment costs, peony production generates a negative net income of -633,563 TL da^-1 in the first year, but begins to provide returns from the second year onwards. A rapid increase in yield was especially observed from the third year onwards, with net income ranging between 1.2–1.6 million TL da^-1 in years three to five, and between 1.95–2.32 million TL da^-1 in years six to ten. On average, over the period from the second to tenth year, producers achieved a net return of around 1.74 million TL da^-1. While most producers were satisfied with current market conditions, the low level of exports emphasised the need for strategic planning to enter international markets. In conclusion, despite the high initial cost of establishing a peony farm, it is a production model that provides short-term return on investment and high long-term profitability. Increasing technical training and promoting contract farming models are projected to significantly contribute to economic and environmental sustainability of peony cultivation.