The invention discloses a whitening and moisturizing emulsion. The whitening and moisturizing emulsion comprises the following components in parts by weight: 15-35 parts of moisturizing grease, 5-15 parts of an emulsifier, 1-5 parts of a thickener, 2-7 parts of glycerol, 0.02-16 parts of a surfactant, 0.2-0.8 part of sodium hyaluronate, 0.1-0.5 part of a preservative, 0.5-0.8 part of trehalose, 10-25 parts of aloe extract, 5-12 parts of hydrolyzed collagen, 3-6 parts of arbutin, 0.5-1.5 parts of ginseng fruit extract, 6-10 parts of safflower extract liquid, 0.1-0.3 part of nano pearl powder and 15-80 parts of deionized water, wherein the emulsifier is composed of the following components in percentage by mass: 25 to 70 percent of poloxamer and 30 to 75 percent of a self-emulsifying compound emulsifier. The whitening and moisturizing emulsion has good moisturizing and water locking effects, keeps the skin moist and glossy, and avoids dry and wrinkled skin; and through the synergistic effects of supplementing nutritional ingredients, improving cell activity, improving qi-blood circulation and maintaining water-oil balance, the emulsion effectively improves water-oil imbalance of theskin, reduces wrinkles and improves complexion.