Arthrospira platensis (commonly known as Spirulina platensis) is a blue-green microalga increasingly used in skincare due to its antioxidant and dermo-protective properties, primarily attributed to components such as phycocyanin and carotenoids. However, the intense blue color of phycocyanin can limit its cosmetic appeal. In this study, we investigated the antioxidant, anti-inflammatory, skin lightening and photoprotective activity of Elixspir^®, a novel light-colored aqueous extract of Spirulina, using both 2D and 3D skin cell models. We demonstrated that Elixspir^® exerts strong antioxidant and cytoprotective effects by reducing intracellular ROS levels and modulating cellular thiol redox state. Its anti-pigmentation potential was supported by tyrosinase inhibition, while anti-inflammatory activity was principally due to ability to reduce PGE2 levels. Finally, we demonstrated an unprecedented photoprotective effect of Elixspir^®, highlighting its potential as a novel active ingredient for skin defense against environmental stressors. Overall, these results provide a molecular-level understanding of Elixspir^® multifunctional bioactivity and support its application as a skin-lightening, anti-inflammatory, antioxidant, and photoprotective ingredient in the formulation of innovative skin anti-aging treatments.