Achieving optimal skin penetration with bioactive cosmetic ingredients, such as epidermal growth factor (EGF), presents ongoing challenges. This study introduces a novel elastosome-based EGF delivery system co-loading dexpanthenol, which achieves superior skin penetration and multifunctional cosmetic efficacy compared with a conventional liposome formulation. The EGF FLEXIR-SOME formulation was characterized to determine its physicochemical properties measured for comparison against a conventional liposome control. Efficacy and safety were confirmed through in vitro and in vivo evaluations, including clinical trials of the formulation and primary skin irritation tests. The formulated EGF FLEXIR-SOME particles exhibited an average diameter of 124.8 nm and a zeta potential of −57.53 mV, demonstrating enhanced stability and skin penetration relative to the control. The results of clinical trials confirmed significant efficacy in anti-aging, moisture, skin barrier improvement, and hyperpigmentation reduction. Additionally, primary skin irritation tests classified the product as a non-irritant. In conclusion, an elastosome-based EGF formulation significantly enhances skin penetration and bioavailability. The formulation effectively improves skin elasticity, hydration, and barrier function while simultaneously reducing visible signs of aging and pigmentation. This study successfully developed an innovative formulation utilizing elastosome technology, maximizing the transdermal efficiency and stability of EGF, thereby offering a novel strategy for functional cosmeceutical development.