BackgroundMicroencapsulation of hydroxypinacolone retinoate (HPR) can improve its application in cosmetics.ObjectiveTo investigate the safety and efficacy of Spherulites Paeony Superior Retinol, a HPR microcapsule containing 5%–10% peony seed oil, 0.01%–1% epigallocatechin gallatyl glucoside (ECGG), and 0.1%–1% HPR.MethodsThe safety of Spherulites Paenoy Superior Retinol was evaluated with zebrafish embryo self‐rotation irritation test and developmental toxicity test. SymRenew™ HPR was used as a reference. The skin care efficacies of Spherulites Paenoy Superior Retinol were evaluated using zebrafish embryos covering antioxidation, anti‐inflammation, blood circulation, whitening, wound healing, skin barrier protection, Type I collagen, elastin, and 5α‐reductase genes expression activities.ResultsThe irritation test revealed that 250 μg/mL Spherulites Paenoy Superior Retinol did not, while 20 μg/mL SymRenew™ HPR significantly (p < 0.05) increased zebrafish embryo self‐rotation frequency. The developmental toxicity test found the teratogenicity index (half lethal concentration/half toxicity concentration) of Spherulites Paenoy Superior Retinol and SymRenew™ HPR were 1.9 and 3.1, respectively. The efficacy analysis results showed that 5 μg/mL Spherulites Paenoy Superior Retinol significantly (p < 0.05) exerted 7.1% anti‐ROS, 20% anti‐inflammation, 14% enhanced blood circulation, 10% suppressed melanin synthesis, 9% enhanced tail fin regeneration, 72% elicited skin barrier protection activity, enhanced the expression of Type I collagen genes col1a1, col1a2, and col1a2 by 34%, 51%, and 42%, respectively, and elastin gene elna by 46%, and suppressed the expression of 5α‐reductase genes srd5a1, srd5a2a, and srd5a2b by 52%, 15%, and 30%, respectively.ConclusionThis study demonstrated that Spherulites Paenoy Superior Retinol is a safe cosmetic ingredient with multi‐skin care efficacies.