We investigated antioxidative activity, tyrosinase inhibitory activity, and melanin production inhibitory activity of the methanol extract of Paeoniae Radix and its fractions. The total polyphenol content of the extract was 73.45 mg/g, and content of the ethyl acetate fraction was 514.50 mg/g as the highest content of fractions. In DPPH radical scavenging ability, $SC_{50}$ values of the ethyl acetate was 3.86 ${mu}g/ml$ as a result of greater activity in the positive control (ascorbic acid). Moreover, tyrosinase inhibitory activity of the ethyl acetate fraction showed higher activity than arbutin used as a positive control. In the cytotoxicity measurement by MTT assay, the extract and fractions were exhibited cell viabilities of 76.96~157.26% against Raw 264.7 and B16F10 cell in concentration of 10~100 ${mu}g/ml$. In nontoxic concentration range, the ethyl acetate fraction showed strong melanin production inhibitory effect in ${alpha}$-melanocyte stimulating hormone (${alpha}$-MSH)-stimulated B16F10 cell. As a result, the ethyl acetate fraction of the methanol extract from Paeoniae Radix could be applicable to functional materials for skin-whitening agents.