Laser hair removal was performed experimentally for about 20 years before it became commercially available in the mid 1990s. Intense pulsed light (IPL) epilators, though technically not a laser, use xenon flash lamps that emit full spectrum light. Laser and light-based methods, sometimes called "phototricholysis" or "photoepilation", are now most commonly referred to collectively as "laser hair removal". One of the first published articles describing laser hair removal was authored by the group at Massachusetts General Hospital in 1998. The efficacy of laser hair removal is now generally accepted in the dermatology community, and laser hair removal is widely practiced. Many reviews of laser hair removal methods, safety, and efficacy have been published in the dermatology literature.
Electrolysis is another hair removal method that has been used for over 135 years. At this time, it is the only permanent option for very fine and light-colored hair. The FDA currently allows the term "permanent hair removal" for electrolysis only. Unlike laser epilation, electrolysis is effective on all hair colors.
A study conducted in 2000 at the ASVAK Laser Center in Ankara, Turkey comparing alexandrite laser and electrolysis for hair removal on 12 patients concluded that laser hair removal was 60 times faster, less painful and more reliable than electrolysis.
Source: Wikipedia