1) Newly planted
It generally takes a peony 3-5 seasons to become fully established enough to bloom prolifically. Often times during the first growing season, flower buds will be removed prior to opening in order to force the plant to put energy into root growth rather than flower development.
2) Not enough sunlight
6-8 hours of sunlight is needed for peonies to produce the large, prolific blooms they are known for. Although some shade does increase the vibrancy of their color, too much shade will result in fewer, smaller blooms with the possibility of no flowers.
3) Planted too deep
For best results, the eyes on the peony roots need to be 1-2 inches below the native soil level. Planting too deep will prevent them from blooming and planting too high will freeze/damage the eyes.
These long-lived perennials are worth taking the time to plant correctly! I personally don't fertilize the first season, but I do mix compost in with my native soil during planting. Fertilizing can be done beginning the second season by side dressing with compost or using a 10-10-10 fertilizer. Peony cages are generally used to help support the heavy flowers. Happy Planting!!!
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