The antioxidant, whitening, and anti-wrinkle activity of Spirodela polyrhiza extracts and fractions were evaluated to determine its efficacy as a functional cosmetic material. 1,1diphenyl-2-picrylhydrazyl and 2,2'-azinobis-3-ethylbenzothiazoline-6-sulfonic acid radical scavenging activities were 44.2 and 74.3%, respectively, at 100 µg/mL of SE-E (the ethyl acetate fraction of 70% ethanol extract). To measure anti-wrinkle effects, procollagen biosynthesis and matrix metalloproteinase-1 (MMP-1) inhibition activity were determined. At 25 µg/mL of SE (70% ethanol extract), the biosynthesis activity was 48.5%, and SE-E showed the best activity (57.8%) at the same concentration. MMP-1 inhibition activity of SE and SE-E was 13.4 and 28.5%, respectively, at 25 ìg/mL. Finally, the inhibition of cellular melanin synthesis and cellular tyrosinase were measured to determine the whitening effect; at 25 µg/mL, the inhibition activities of SE were 9.6 and 13.8%, respectively, and those for SE-E were 15.4 and 22.0%, respectively. Our results confirmed the possibility of SE and SE-E as effective functional materials. Further research investigating the antimicrobial, anti-inflammatory, and anticancer activities of S.polyrhiza is necessary to confirm its potential use in the food, cosmetics, and drug industries.