Objective To investigate the effect of chemical peeling combined with intensive pulsed light in patients with chloasma. Methods A total of 54 patients with chloasma admitted to Xi'an BRAVOU Medical Beauty Hospital from January 2020 to January 2023 were selected as the research objects. They were divided into control group and observation group by random number table method, with 27 patients in each group. The control group was treated with intensive pulsed light, and the observation group was treated with chemical peeling combined with intensive pulsed light. The clinical efficacy, skin lesions, oxidative stress indicators [malondialdehyde (MDA), superoxide dismutase (SOD), glutathione peroxidase (GSP-Px)], skin physiological parameters, and adverse reactions were compared between the two groups. Results The total effective rate of treatment in the observation group was 92.59%, which was higher than 66.67% in the control group (P <0.05). After 12 weeks of treatment, the skin lesion area and skin lesion color score of the two groups were lower than those before treatment, and those of the observation group were lower than those of the control group (P <0.05). The level of MDA in the observation group was lower than that in the control group, and the levels of SOD and GSP-Px were higher than those in the control group (P <0.05). There was no significant difference in TEWL level between the two groups (P >0.05). The skin oil content and stratum corneum water content in the observation group were higher than those in the control group (P <0.05). The incidence of adverse reactions in the observation group was 7.41%, which was lower than 33.33% in the control group (P <0.05). Conclusion Chemical peeling combined with intensive pulsed light is effective in patients with chloasma, which can improve the degree of skin damage, reduce the level of oxidative stress, improve the physiological parameters of skin, and then reduce the incidence of adverse reactions. It is worthy of clinical application.