Glycyrrhiza glabra L. (GG), also known as Yashtimadhu, is a traditional plant which is widely used in Ayurveda. It is used to treat a variety of ailments including cough, asthma, bronchitis, diabetes, gastric ulcers, skin problems, inflammation, anaemia, premature greying of hair and others. Clinical and experimental research suggests that it possesses anti-inflammatory, antiviral, immunomodulatory, hepatoprotective, antimicrobial, antioxidant, anticancer, and cardioprotective activities. We gathered material on the phytochemistry, pharmacology, and toxicity of Glycyrrhiza glabra published before March 2022 from PubMed, Springer, SCOPUS, Google Scholar and Science Direct. To compile this study, we conducted a thorough analysis of the classical Ayurvedic treatises in order to obtain a full account of the qualities, actions, and applications stated in Ayurveda about yashtimadhu in order to demonstrate ancient-modern concordance. GG has been studied for a variety of pharmacological properties, including ulcer healing, anti-ulcerogenic, anti-bacterial, antioxidant potential activity, anti-asthmatic activity, hair growth stimulating activity, and memory enhancing action. Licorice in Ayurveda is generally used in Ayurveda as a rejuvenator and aphrodisiac, as well as for boosting memory, complexion, sound quality, dental health, vision, lactation, and healing cancer, ulcers and wounds. Even though GG is a widely used Ayurveda medicine, there is a lack of evidence regarding the true medicinal potential of the drug. There are innumerable actions mentioned in the Ayurveda classical textbooks. Here, an effort is made to find substantiation for the ancient wisdom through a thorough search with the modern available literature.