Start by creating a circle using elliptical shape tool.

Double click the layer to open layer style window. Apply settings as shown.

Create an elliptical selection using elliptical marquee tool. Create a new layer. Apply Black to white gradient. Change layer mode to screen for this layer.

Create eye brow shapes using pen tool.

Create an ellipse using elliptical shape tool.

Create another ellipse for the eye ball using elliptical shape tool.

Create a circle for the shine using elliptical shape tool.

Similarly create eye for the other side.

Create a line using line shape tool. Press Ctrl+T. Right Click and select Warp. Adjust the nodes as shown.

Create a rounded rectangle using rounded rectangle shape tool. Press Ctrl+T. Right Click and select Warp. Adjust the nodes to get a shape as shown.

Create a shape as shown using pen tool. Apply gradient overlay layer style.

Create tongue using pen tool.

Create a shape for the hand using pen tool.

Create a rectangle using rectangular shape tool. Press Ctrl+T. Right Click and select Warp. Adjust the nodes as shown. Place it for the thumb.

Create an irregular selection using lasso tool. Create a new layer and fill it with a gradient.

Select eraser tool and erase hard edges towards the bottom right.

Similarly create other fingers.

Select all the hand layer. Duplicate it , flip horizontal and place it for the other side.

Via:Make smily face in Photoshop