A novel colorimetric and ratiometric fluorescent probe (Cou-BPO) was readily prepared for specific detection of harmful benzoyl peroxide (BPO). The probe Cou-BPO reacted with BPO via a selective oxidation cleavage-induced cascade reaction of the pinacol phenylboronate group, which resulted in an observable colorimetric and ratiometric fluorescence response towards BPO with a fast response time (<15 min) and a low detection limit (56 nM). For practical application, facile, portable and sensitive test paper of Cou-BPO has been prepared for visual detection of BPO. Furthermore, we employed Cou-BPO as a probe to determine BPO in food samples and living cells.