To examine the possibility of using Musa sapientum L. (Banana) leaf extract as a cosmetic raw material, banana leaves grown in Jeju Island were extracted with 70% ethanol. Polysaccharides present in banana leaf extract were discarded by precipitation with cold ethanol. Polysaccharide-discarded banana leaf extract promoted procollagen and COL1A1 gene expression, but inhibited matrix metalloproteinase (MMP)-1 and MMP-2 gene expression in human skin fibroblasts when examined by real-time reverse-transcription polymerase chain reaction (RT-PCR) and enzyme-linked immunosorbent assay (ELISA). The active compound in banana leaves was identified by fractionation with various solvents. The chloroform fraction showed the highest anti-wrinkle efficacy and the active compound of chloroform fraction was identified as corosolic acid by NMR, FT-IR, EA, and HPLC-MS. In addition, banana leaf extract showed anti-oxidative efficacy with an IC50 value of 67.91 ppm, as determined by DPPH free radical scavenging assay.