The invention belongs to the field of cosmetics, and particularly discloses a whitening and water replenishing complex. The complex comprises from 0.05 to 0.1% of sodium hyaluronate, from 0.3 to 0.5% of dipotassium glycyrrhizinate, from 0.5 to 1% of phenethyl resorcinol, from 1 to 5% of niacinamide, from 55 to 60% of tripropylene glycol, 0.5% of phenoxyethanol, from 0.02 to 0.05% of glycolic acid, from 0.05 to 0.1% of sodium bisulfite and from 32.75 to 41.58% of deionized water. The whitening and water replenishing complex is directly added into a whitening and water replenishing moisturizing product at the temperature lower than 50 DEG C and is uniformly stirred. The whitening and water replenishing complex realizes a whitening effect, and can suppress melanin secretion of melanocyte simulating cells of the surface of the skin of a user, so that the skin of the user is whitened. Besides, the whitening and water replenishing complex realizes an anti-wrinkle effect, can promote collagen and elastin secretion of fibroblasts and realizes effects of preventing ageing of the skin of the user and improving elasticity of the skin of the user.