The invention discloses a whitening and freckle-removing composite preparation which comprises the following components: deionized water, sucrose stearate, glycerol, butanediol, N-methyl pyrrolidone, carbomer, phenoxyethanol, glyceryl stearate, polydimethylsiloxane, squalane, butyrospermum parkii, phytosterol hydroxystearate, a pepper extract, seed oil of prinsepia utilis, a camellia reticulata tea extract, a folium artemisiae argyi extract, a horse chestnut extract, tetrahydrocurcumin, glutathione, azelaic acid and xanthan gum. The whitening and freckle-removing composite preparation disclosed by the invention is mainly designed from four whitening and freckle-removing mechanisms of melanin synthesis inhibition, skin barrier remediation, blood vessel factor improvement and inflammation prevention and has the functions of whitening the skin, removing freckles and beautifying the face. The invention further discloses a preparation method of the whitening and freckle-removing composite preparation. The problem of dissolving azelaic acid is solved by using a special process, and thus the stability of the product is improved.