The invention provides a compound formula with whitening and anti-aging effects and application thereof. The formula is formed by compounding plant extract, vitamin and biochemical preparation. The plant extract consists of one or more of herbal plants of pine extract, vitamin A, vitamin E, rhodiola rosea extract, lily extract, dipotassium glycyrrhizate, hyaluronic acid, azelaic acid, propolis, grape seed, seaweed, phytic acid, green tea, sea-buckthorn, usnic acid, abietic acid, vitamin C, vitamin B, vitamin E, maltose, maltitol, glucose, glucitol, glucan, trehalose, glycyrrhizinic acid and the like; and proved by a large amount of clinical tests, the formula has good whitening and anti-aging effects on the skin. The formula can be prepared into cosmetics such as cleaning products, maintenance products, beautifying products and the like according to the conventional processes and accessories for preparing the cosmetics.