Did you start with a good sized root or small root? IF the root was small to begin with, it may take awhile to form enough roots to produce flowers. Most peonies don't do well in full shade. They don't produce many flowers. But they do very well in full spring sun and partial shade in the summer. Your root may benenfit from 1-2 tsp bulb fertilizer now and esp. when they start to grow in the spring.

The new one that you have now would benenfit from a planting hole that is amended with compost and green sand or azomite. Wow, you have a yellow root peony? It must be a very special one because I don't know many peonies that have yellow color roots.

As KarenPA said, if it was a small root, 2-3 eyes it can take 5 years to blossom. Is it in the shade? that will keep it from blooming as well as the depth, too much moisture or botrytis.