Defined as the roots and underground stems of principally three Glycyrrhiza species, G. glabra L., G.uralensis Fish. ex DC. and G. inflata Batalin, licorice has been used as a medicinal herb for millennia and is marketed as root sticks, powders and extracts. Identity tests described in most pharmacopeial monographs enabled the distinction of Glycyrrhiza species. Accordingly, an ultrahigh-performance liquid chromatography tandem mass spectrometry (UHPLC-MS/MS) assay using the method of standard addition was developed to quantify 14 licorice components (liquiritin, isoliquiritin, liquiritin apioside, isoliquiritin apioside, licuraside, liquiritigenin, isoliquiritigenin, glycyrrhizin, glycyrrhetinic acid, glabridin, glycycoumarin, licoricidin, licochalcone A, and p-hydroxybenzylmalonic acid), representing several natural product classes including chalcones, flavanones, saponins, and isoflavonoids. Using this approach, G. glabra, G. uralensis and G. inflata in a variety of forms including root powders and extracts as well as complex dietary supplements could be differentiated and chemically standardized without concerns due to matrix effects.