Medicinal plants are one of the most important natural resources in the modern medicine and pharmaceutical industry. Licorice is one of such plants. Licorice root is rich in biologically active substances, it contains glycyrrhizic acid, flavonoids, saponins, polysaccharides and essential oils. These substances give the plant anti-inflammatory, expectorant, immune-enhancing and antioxidant properties. This article analyzes the biological properties, chemical composition, pharmacological effects of licorice, as well as its use in medicine and folk medicine based on scientific sources. The results of the study show that licorice is an effective medicinal plant in the treatment of respiratory diseases, diseases of the gastrointestinal system, and inflammatory processes.