The invention relates to the field of cosmetics, in particular to a multi-effect hydroxyl pinacolone retinoate nano composition which comprises hydroxyl pinacolone retinoate, nicotinamide, glycyrrhizic acid, an emulsifying agent, a co-emulsifying agent and polyhydric alcohol. The hydroxyl pinacolone retinoate accounts for 0.1-10% of of the total mass of the nano composition; the nicotinamide accounts for 0.1-10% of the total mass of the nano composition; and the glycyrrhizic acid accounts for 0.1-10% of the total mass of the nano composition. According to the nano composition disclosed by the invention, the hydroxyl pinacolone retinoate, the nicotinamide and the glycyrrhizic acid are wrapped in the nano composition, so that the stability of functional components is effectively improved. The three functional components of the nano composition are reasonably matched and synergistically interacted, penetrate through a skin barrier and enter deep skin tissues, the bioavailability is improved, the anti-aging, acne-removing and whitening effects are improved, and the nano composition is mild and non-irritant to skin and can be widely applied to cosmetics.