For red and bleeding lips, the safest first step is to apply plain white petrolatum (petroleum jelly) frequently to protect the skin and lock in moisture. Avoid licking or picking at your lips, as saliva worsens dryness. Stay well-hydrated. If the area is highly inflamed, a mild, over-the-counter 1% hydrocortisone ointment can be applied sparingly for up to two days. However, since your lips are bleeding, it is best to have a doctor or dermatologist examine them to rule out infections or allergies if this does not improve quickly. Avoid flavored lip balms, which can cause further irritation.