The invention discloses a multi-effect composition for whitening, moisturizing, wrinkle prevention and repairing and application of the multi-effect composition. The multi-effect composition for whitening, moisturizing, wrinkle prevention and repairing consists of the following components in percentage by mass: 0.1-20% of a boerhavia diffusa root extract, 0.01-5% of a mangnolia officinalis bark extract, 0.1-20% of carnitine, 1-70% of oat beta-glucan and the balance of a solvent. The application of the multi-effect composition for whitening, moisturizing, wrinkle prevention and repairing refersto application of the multi-effect composition for whitening, moisturizing, wrinkle prevention and repairing to skincare products; the multi-effect composition acts from multiple aspects such as whitening, moisturizing, wrinkle prevention and repairing, skin can be cared from all aspects, and requirements of customers on multi-function effects of skincare products can be very well met.