A laundry additive for removing or reducing wrinkles in fabrics, which contains a wrinkle removing or reducing component, which includes a saccharide or oligosaccharide, a polyhydroxy carboxylic acid compound, and an optional chelating agent; and one or more optional ingredients that do not remove or reduce wrinkles. Also presented is a method for removing or reducing wrinkles from fabrics including the step of contacting the fabrics with an aqueous solution or suspension of an effective amount of the laundry additive.