In this work, the use of polymeric ultrafiltration and nanofiltration membranes was investigated in order to recover glycyrrhizin and phenolic compounds from licorice wastewaters. Filtration experiments were performed on a laboratory scale using four polyamide thin-film composite membranes (GK, GH, GE, and DK, from GE Osmonics) with different molecular weight cut-offs (from 150 to 3500 Da). The permeate flux and retention values of glycyrrhizin, the total polyphenols, the caffeic acid, the total carbohydrate, and the total antioxidant activity as a function of the transmembrane pressure (TMP) and weight reduction factor (WRF) were evaluated. In selected operating conditions, the membrane productivity decreased in the order of GK > DK > GH > GE, with a similar trend to that of water permeability. Glycyrrhizin was totally rejected by selected membranes, independently of TMP and WRF. For the other antioxidant compounds, the retention values increased by increasing both of the parameters. According to the experimental results, a combination of membranes in a sequential design was proposed as a viable approach to produce concentrated fractions enriched in bioactive compounds and purified water from licorice wastewater.