Objective: To analyze and study the effects of carbon dioxide (CO2) fractional laser combined with growth factor therapy on the skin physiological functions and cosmetic effects of patients with acne scars. Methods: The research subjects were 120 patients with acne scars admitted to our hospital from October 2023 to February 2025. The patients were randomly divided into two groups: the control group and the observation group, with 60 cases in each group. The control group was treated with CO2 fractional laser, while the observation group was combined with growth factor treatment on this basis. The treatment period for both groups was 6 months, and the therapeutic effects were compared. Result: There was a significant difference in the total effective rate between the two groups of treatment, with the observation group having a higher rate (P < 0.05). There was a significant difference in the duration of symptoms between the two groups, with the observation group having a shorter duration (P < 0.05). After treatment, all the indicators of skin physiological function in the observation group were better than those in the control group (P < 0.05). After treatment, the acne scar weight (ECCA) score and skin melanin index of the observation group were both lower than those of the control group (P < 0.05). Conclusion: In the clinical treatment of acne scar patients, the application of CO2 fractional laser combined with growth factors has a definite therapeutic effect. It can effectively improve the symptoms of patients, help promote the recovery of skin physiological functions, and has a good cosmetic effect.