This research is the first to investigate the anti-skin wrinkle properties of Cordyceps mili-taris extracts both in vitro and in vivo. Anti-skin wrinkle activities of C. militaris were investigated by means of matrix metalloproteinase-1 (MMP-1), elastase, and hyaluronidase inhibitions. Microemulsions and topical serum formulation containing C. militaris extract were developed. The anti-skin wrinkle efficacy and irritation properties of the topical serum formulations were clinically investigated in human volunteers. Cordycepin was identified as a major component of C. miliaris extract that was responsible for MMP-1, elastase, and hyaluronidase inhibition. The C. miliaris water extract possessed the most potent inhibition on MMP-1 (77.9 ± 5.3%) and elastase (84.4 ± 4.0%). Interestingly, CW was as a potent MMP-1 and elastase inhibitor as oleanolic acid and EGCG. CW was incorporated into the microemulsion with the smallest internal droplet size (146.1 ± 1.5 nm) and further developed as a topical serum formulation. The resulting serum formulation effectively enhanced skin moisture (42.2 ± 14.2%), increased the skin elasticity (39.9 ± 7.3%), and induced no skin irritation in 30 human volunteers. The effectiveness on the skin was detected after 1 week of the applications. Therefore, it was suggested as an effective anti-skin wrinkle formulation.