The invention relates to the field of cosmetics, and particularly relates to a cosmetic composition with the whitening and brightening effects. The composition is prepared from 1-3% of nicotinamide, 1-4% of a whitening compound, 0.5-1.5% of a citrus peel extract, 0.1-0.5% of arbutin, 1-10 PPM of oligopeptide-4 and the like, wherein the whitening compound comprises water, butanediol, arbutin, citric acid, sodium sulfite, acetyltyrosine, a saxifraga sarmentosa extract, a peony root extract, aminopropanol ascorbyl phosphate, a radix scutellariae extract, glutathione and hydrolyzed cherry plums. The cosmetic composition has the characteristics that the raw materials with the synergistic effect are carefully selected for all whitening nodes, the tyrosinase activity can be inhibited, the melaninmetastasis can be inhibited, the skin color can be brightened, in addition, the synergistic effect on all the nodes in a whitening path can also be achieved, and therefore the safe, effective and stable whitening effect can be achieved finally.