Peach leaps up into the air, holding her Parasol above her. At the apex of her jump, she will open the parasol and float down gently. The parasol does damage at all times of the animation. Once in the air floating, control is similar to using the Parasol item. Daisy's performs identically, though the parasol is colored orange (with Daisy's default costume), reused from Peach's alternate costume in SSB4.
The move could be based on Super Mario RPG: Legend of the Seven Stars where, to leave her room without alerting the castle guards, Peach parachutes from her second story room using her parasol. That parasol can later be used as a weapon.
Peach has otherwise been pictured with a parasol since Super Mario Sunshine, where she used her parasol as a parachute in the ending cutscene. She also used a parasol in Yoshi's Island DS, Super Princess Peach, and Super Paper Mario. Peach's parasol as of Brawl is an exact replica of its appearance in Super Paper Mario, with its heart-shaped handle. This design was also used in Yoshi's Island DS (though the handle was not seen).
While floating, it is possible to move left or right via directional influence. If down is pressed, Peach will close her umbrella, fall at normal speed, and become helpless. Pressing up again will open her umbrella and allow her to float again, although altitude cannot be regained. However, after a certain amount of time with the umbrella open without landing on the stage, Peach will enter a permanent helpless state that cannot be escaped.
The move returns in Super Smash Bros. Brawl; however, the parasol's appearance is retained from Super Paper Mario. It also allows greater vertical and horizontal recovery in Brawl than it did in Melee. Peach can still grab ledges when facing away from them, but only if her parasol is closed.
In Brawl, a glitch known as the parasol glitch can be performed using the Peach Parasol. It causes Peach to drift indefinitely against a wall using her Parasol.
In Smash 4
This move also returns in Super Smash Bros. 4, being mostly the same as in Brawl. However, it is now a magic attack, its knockback when opened is fixed, and Peach jumps faster and higher. Peach will now automatically close her parasol after floating for 8 seconds, and can no longer open it again once she does. Finally, the last hit of the initial jump attack has less knockback.
Special Move customization was added in Super Smash Bros. 4. These are the variations:
In Super Smash Bros. Ultimate, the parasol is partially reverted to Melee in that after it's opened completely, it deals little knockback and instead can be used to rack up damage.