Blood flow stagnation is said to be an important factor for the incidence of dark eye circles, but there are few reports, which have studied dark eye circles and the relationship to blood flow. We have examined dark eye circles dermatologically using a non‐invasive method and made clear the factor related to it. We have also studied the effect of newly developed cosmetics on improvement of dark eye circles. Melanin and haemoglobin content, haemoglobin oxygen saturation and blood flow rate were measured to compare dark eye circles with a normal control. An increased amount of haemoglobin and decreased haemoglobin oxygen saturation were observed at the site of dark eye circles. We also observed that the blood flow rate was slow at dark eye circles in comparison with cheek. From these results, blood flow stagnation seems to be one of the factors that could induce dark eye circles. In addition, the increase of melanin at dark eye circles was also observed in older subjects. It was considered that not only congestion but also an increase of melanin content in the skin could induce dark eye circles. On the basis of these results, we developed anti‐dark eye circle cosmetics that can improve blood circulation, reduce melanin content and maintain high moisture retention in the skin. After 3 weeks’ usage of this product, it was confirmed that dark eye circles were improved, judging from the result of non‐invasive instrumental measurements.