Provided are a composition for improving skin wrinkles or inflammation, the composition including substance P as an active ingredient, more particularly, novel use of a composition including substance P which promotes collagen synthesis, inhibits collagenase production, and performs anti-inflammatory responses to improve skin wrinkles or inflammation, and a cosmetic composition for improving skin wrinkles or inflammation including the composition.The composition of the present invention, which includes substance P, exhibits higher effects of improving skin wrinkle or inflammation than substance P alone, due to a synergistic effect of an antioxidant, a surfactant, and a thickener which are added for stability of substance P, together with basic characteristics of substance P which is known to have effects of improving skin wrinkles or inflammation. Accordingly, the composition of the present invention may be usefully applied to a cosmetic composition for improving skin wrinkles or inflammation.