Retinoids in anti-wrinkle cosmetics are widely used for the treatment of the photoaging skin these days, but very unstable in the presence of water. Multilamellar liquid crystal vesicles consisted of $poly(oxyethylene)_{15}oleyl$ ether $(POE_{15}OE)$ or $poly(oxyethylene)_{15}stearyl$ ether $(POE_{15}SE)$, cetostearyl alcohol (CSA) and cholesterol or oils were prepared to increase the stability of retinyl acetate or retinyl palmitate. $POE_{15}SE-CSA-Water$ systems were more unstable than $POE_{15}SE-CSA-Water$ systems due to the bended structure of oleyl groups. For the modification of vesicles, cholesterol was added. The enthalpy values were decreased reaching to zero and the water permeability of systems was decreased, but the stabilizaton of retinyl acetate was not greatly improved. The stability of retinyl acetate may depend on its location in the structure. Various oils were added for further stabilization and isopropyl myristate was most effective. In practice, retinyl palmitate showed better stability in the same vesicle than retinyl acetate, and the improved vesicles could be used for the anti-wrinkle cosmetics