Many sources state that White Peony root and Red Peony root come from different plants, respectively Paeonia lactiflora and Paeonia officinalis (or the endangered Paeonia mascula in southern/south-eastern Europe).
They do not, they are the same plant. White Peony has the outer cortex removed, while red peony does not.
Other sources state that the difference “in color” is due to a difference in preparation. According to this explanation, White Peony root and Red Peony root are both from Paeonia lactiflora, and the white root is the peeled root whereas the red root is the unpeeled root.
Correct
I have even come across an older article which said that the peony root has to be steamed to be called “red” (comparable to the difference of White and Red Asian Ginseng root).
Incorrect
You only want to use the unhybridized Paeonia lactiflora (syn P. albiflora), do not use the commercial hybrids grown for their flowers. The roots are harvested in the autumn, when the plant dies back, not while flowering. We will discuss this further in class when we cover White Peony in Materia Medica starting next month