Vitamin A ingredients sit on a ladder. Retinyl esters, like retinyl propionate, are at the bottom. They must convert to retinol, then to retinal, then to retinoic acid before they act. Each step loses potency, so esters are generally the weakest option.
In this formula, retinyl propionate is the dominant vitamin A and the pure retinol appears only in trace amounts, even though the product is named "Retinol 24." The strength of the ester is not disclosed, so you cannot tell whether it reaches a level that does much.
None of this makes the product bad. It is a well-made, gentle moisturizer with niacinamide. Just set expectations to match a mild vitamin A, not a strong retinol.
| Key active | Retinyl propionate (dominant) + trace retinol |
| Texture | Night cream |
| Best for | Beginners wanting a gentle drugstore option |
| Approximate price | $25–$35 |
| Fragrance | Fragrance free |
It is a genuinely good moisturizer, and that is not a backhanded compliment — it hydrates well, it is fragrance-free, and people's skin looks better on it.
Niacinamide is in the formula, and niacinamide has real, independent evidence behind it.
It is very gentle, which is a legitimate reason to choose it if stronger retinoids have defeated you.
Irritation is expected, not a sign it is "working." Redness, flaking and stinging in the first weeks are common with any real retinoid. Start twice a week and build up. If it is still angry after a few weeks, the dose is too high for you.
The name says "Retinol." The formula leads with an ester.
In the ingredient list, retinyl propionate sits 8th — while retinol appears second-from-last. Retinyl propionate is a retinyl ester: it must convert to retinol before it can convert to retinal, then to retinoic acid. It is a rung below what the name promises, and the actual retinol is present in trace amounts.
Retinyl propionate is the best of the esters, and evidence suggests it needs to be at 0.3% or above to do anything at all. Olay does not disclose how much is in there — so you cannot know if it clears that bar.
It is sold in an open screw-top jar. Retinoids degrade in light and air. Every time you open it, you expose the whole pot. This is a real formulation flaw, not a nitpick.
It contains DMDM hydantoin, a formaldehyde-releasing preservative — worth knowing if you are sensitive.
The line keeps changing — Retinol 24, Retinol 24 + Peptide, Retinol 24 MAX. What is on the shelf varies.
Water, Dimethicone, Glycerin, Tapioca Starch, Dimethicone Crosspolymer, Retinol, Retinyl Propionate, Niacinamide, Palmitoyl Pentapeptide-4, Polyacrylamide, C13-14 Isoparaffin, DMDM Hydantoin, Polysorbate 20, Laureth-4, Acrylates/C10-30 Alkyl Acrylate Crosspolymer, Laureth-7, Dimethiconol, Polymethylsilsesquioxane, Aminomethyl Propanol, Titanium Dioxide, Disodium EDTA, Iodopropynyl Butylcarbamate, Caprylic/Capric Triglyceride
1. Nicotinamide increases biosynthesis of ceramides as well as other stratum corneum lipids to improve the epidermal permeability barrier. (https://pubmed.ncbi.nlm.nih.gov/10971324/) — Supports the claim that niacinamide (nicotinamide) has real independent evidence, showing it boosts ceramide and stratum corneum lipid synthesis and reduces transepidermal water loss, improving the skin barrier. 2. Niacinamide-containing facial moisturizer improves skin barrier and benefits subjects with rosacea. (https://pubmed.ncbi.nlm.nih.gov/16209160/) — A randomized controlled trial showing a niacinamide-containing moisturizer measurably improves stratum corneum barrier function and hydration, backing both the moisturizing/hydration claim and niacinamide's independent evidence. 3. Topical application of retinyl propionate, 4 hexyl resorcinol, and niacinamide reverses molecular and clinical features of ageing. (https://pubmed.ncbi.nlm.nih.gov/38685700/) — Double-blind clinical study showing a retinyl propionate plus niacinamide cosmetic formulation improves photoaging comparably to prescription tretinoin while causing less skin irritation, supporting that this ester-based product is gentler than stronger retinoids. 4. Enhanced retinoid response by a combination of the vitamin A ester retinyl propionate with niacinamide and a flavonoid containing Ceratonia siliqua extract in retinoid responsive in vitro models. (https://pubmed.ncbi.nlm.nih.gov/33048363/) — Supports the mechanistic claim that the formula leads with an ester (retinyl propionate) that acts as a retinoid, activating retinoic-acid receptors and retinoid-responsive genes, and that niacinamide can enhance that conversion. 5. Efficacy and tolerability of short contact therapy with tretinoin, clindamycin, and glycolic acid gel in acne: A randomized, controlled, assessor-blinded two-center trial: The MASCOTTE study. (https://pubmed.ncbi.nlm.nih.gov/33377285/) — Supports the claim that irritation (erythema, dryness, stinging, burning) is a common, expected side effect of topical retinoids, with irritant contact dermatitis explicitly noted as a common retinoid side effect.