What are these folds and creases around my lower eyelid? (Photo)

Your eyes look beautiful.  You need absolutely nothing.  Please move on the Cosmo website and don't worry about these, they are perfectly normal!

What you are seeing is completely normal.  The higher crease is at the edge of the muscle which helps to support the eyelid, and contracts when we blink and smile.  So when you smile it becomes more prominent.  Also when you smile, the fat pads get pushed forward so they are more visible.  These do not make you look older - so would not do anything at this point.  Botox to the muscle would keep it a little flatter if that would make you feel better.     

Your lower lid creases when you are not smiling are "creases of youth" and tend to go away as you age. They represent the attachment of your lower eyelid retractors to the skin. When you smile, your eyes are supposed to narrow; this is what creates a genuine smile, also known as a squinch (see link below). The eyes narrow because of the eyelid closure muscles.  You don't need to treat this phenomenon.