No, it is an emulsion. It goes toner/lotion, Essence, serums, emulsion, any extra treatments you may use, then moisturizer, and then SPF if morning. Use after serum or instead of serum. Some very oily skinned people find it adequate as just their moisturizer. I love it and move it around in my routine as I adapt to my skin's needs. There is a starter kit which contains the cleanser, Facial treatment Clear Lotion, and the Facial treatment essence for a decent price. Try that and see if your skin reacts positively! If it does, than I'd venture into SK-II. Wash, wipe with cotton pad that has clear lotion, pat essence into face after sprinkling some into hands. Done. :)
I apply moisturizer and any serum prior to the night treatment and make sure my face has absorbed that product before applying the night treatment - the treatment is like a thin gel.