The roots and rhizomes of *Glycyrrhiza* species have been widely used as herbal medicine and natural sweeteners. *Glycyrrhiza* is known for its traditional use in treating peptic ulcers, hepatitis C, and pulmonary and skin diseases. Clinical and experimental studies have also shown that *Glycyrrhiza* has several other pharmacological properties, including anti-inflammatory, antiviral, antimicrobial, antioxidative, anticancer, immunomodulatory, hepatoprotective, and cardioprotective effects. The main biologically active component of *Glycyrrhiza* is glycyrrhizic acid, which is derived from triterpene saponins such as glycyrrhizin and liquiritigenin. This review summarizes the phytochemical, pharmacological, and pharmacokinetic data, along with clinical and adverse effects of *Glycyrrhiza* and its bioactive components. The review highlights the potential therapeutic roles of *Glycyrrhiza* and its active constituents in treating various diseases, but emphasizes the need for further research to confirm these effects.The roots and rhizomes of *Glycyrrhiza* species have been widely used as herbal medicine and natural sweeteners. *Glycyrrhiza* is known for its traditional use in treating peptic ulcers, hepatitis C, and pulmonary and skin diseases. Clinical and experimental studies have also shown that *Glycyrrhiza* has several other pharmacological properties, including anti-inflammatory, antiviral, antimicrobial, antioxidative, anticancer, immunomodulatory, hepatoprotective, and cardioprotective effects. The main biologically active component of *Glycyrrhiza* is glycyrrhizic acid, which is derived from triterpene saponins such as glycyrrhizin and liquiritigenin. This review summarizes the phytochemical, pharmacological, and pharmacokinetic data, along with clinical and adverse effects of *Glycyrrhiza* and its bioactive components. The review highlights the potential therapeutic roles of *Glycyrrhiza* and its active constituents in treating various diseases, but emphasizes the need for further research to confirm these effects.