Ferula paeoniifolia X. G. Ma & C. Y. Liao sp. nov., from Sichuan Province, Southwest China, is described and illustrated. The new species is most similar to F. kingdon-wardii Wolff in morphology, but differs significantly in its ternate-2-pinnate compound leaves comprising much broader leaflets. The key morphological characteristics and nuclear ribosomal internal transcribed spacer (ITS) region were also compared between F. paeoniifolia and its relatives, which revealed a new species to Ferula L.