The ethanolic extract of Carissa carandas L. (ECE) inhibited the enzyme tyrosinase, enhanced the proliferation of normal human dermal fibroblast cells, and increased the formation of collagen type I, indicating possible anti-aging and whitening effects. However, the stratum corneum acts as a rate-limiting stage in the absorption of herbal extracts through the skin, resulting in limited absorption of ECE via the skin, which affects the efficacy of ECE. The purpose of this study was to develop ECE encapsulated in transethosomes for improved skin penetration as a novel brightening and anti-aging cosmeceutical ingredient. Transethosomes were successfully developed using the sonication technique, with a suitable formulation including 1.00% (w/w) phosphatidylcholine, 0.10% (w/w) polysorbate 80 and 28.55% (v/v) ethanol. The physicochemical properties, encapsulation efficacy, in vitro skin permeation and toxicity of ECE-loaded transethosomes were also investigated. The result showed that the percentages of encapsulation of ECE loaded in transethosomes increased slightly with higher concentrations of the ECE. When compared to the liquid extract, the ECE loaded in transethosomes significantly increased (p < 0.05) skin penetration. Furthermore, ECE loaded with transethosomes showed low cytotoxicity in normal human dermal fibroblast cells and caused no skin irritation when evaluated on reconstructed human epidermal skin. Given these abilities, it is evident that transethosomes containing ECE are highly effective anti-aging and skin-whitening agents, making them a promising new cosmeceutical ingredient.