The European Society for Laser Dermatology (ELSD) has established recommendations for safe and effective photo epilation; however, short-term common adverse effects occur as a result of laser treatment, such as edema and perifollicular erythema. Post-inflammatory hyperpigmentation also appears in certain skin types. Very few clinical studies have been conducted on the topical application of cosmetic skin care products aimed at decreasing the adverse effects on the skin epidermis following laser-assisted epilation procedures. Stem cells are found in plant and animal organisms and are responsible for the growth and restoration of damaged tissues. Plant stem cells divide throughout the life of the plant, creating new plant parts. Our aim was to develop a new cosmetic cream to decrease the intensity of some of the side effects of laser epilation and thus reduce the administration of topical medication. We developed a formulation with the active substance Olea europaea (Olive) Callus Culture Lysate (OLEA VITAE™ 02), which is derived from plant stem cells of the Mediterranean wild variety of Olea europaea, for application following laser epilation with an Nd:YAG 1064 nm laser. The new skin care cream was tested for its physicochemical and microbiological stability, according to the European Pharmacopoeia. The impacts of this substance on the potential side effects of Nd:YAG 1064 nm application, i.e., trans-epidermal water loss, keratin hydration, melanin, erythema, and skin elasticity, in comparison with the appropriate placebo, were investigated using biophysical measurements and a self-assessment questionnaire. Skin biopsies were also performed to evaluate the influence of the procedure and the application of the products on the epidermis and papillary dermis thickness. According to our findings, the incorporation of the plant stem cell extract of Olea europaea into our cream resulted in a stable cream with an appealing texture. Furthermore, the activity of erythema and hyperpigmentation was decreased when the cream was applied after Nd:YAG 1064 nm laser epilation.