Cosmetics are widely used to enhance the appearance of the human body; however, many conventional lip products contain synthetic chemicals that may have adverse effects. The growing demand for herbal and natural cosmetics has led to the increased use of plant-based ingredients in lip care formulations. In this study, a herbal lip balm was prepared using papaya extract as the primary active ingredient, enriched with coconut oil, almond oil, beeswax, vitamin E, and rose oil to improve nourishment, texture, and stability. The lip balm exhibited a pH of 7.5 and a melting point of 60.2°C, indicating suitability for normal storage and application. Stability studies conducted at room temperature (27 ± 3°C) and refrigerated conditions (5 ± 2°C) demonstrated that the formulation remained uniform, stable, and free from deformation. The lip balm was further evaluated for color, appearance, odor, spreadability, pH, melting point, skin irritation (patch test), and overall stability. The results confirm that the formulated lip balm is safe, stable, and cosmetically acceptable, highlighting the potential of herbal ingredients in developing effective and skin-friendly lip care products.