The aim of the study is to analyse the physicochemical and phytochemical characteristics of Glycyrrhiza glabra in aqueous and ethanolic extracts and determine the ash value and extractive value of the drug. Using soxhlet equipment the extract was prepared from powdered Glycyrrhiza glabra drugs for 20 hours using water and ethanol as solvents. The analysis of physicochemical properties of Glycyrrhiza glabra extracts includes ash value and extractive value etc. The analysis of phytochemical screening of Glycyrrhiza glabra includes tests for carbohydrates, saponins, flavonoids, alkaloids, etc. The percentage yield of ethanol extract is found to be 9.73%. The physicochemical parameters of the aqueous solution and ethanol were analysed and are found to be in limits. The ethanolic extract of Glycyrrhiza glabra showed the presence of alkaloids, flavonoids, tannins, phenols, saponins, carbohydrates, glycosides and phytosterol. The amounts of total flavonoids, total phenol and ascorbic acid were found to be 185.14 mg, 481.47 mg per 1 gm, and 33.81 μg/ml of aqueous extract and 218.92 mg, 507.62 mg per 1 gm, and 42.38 μg/ml of the ethanol extract, respectively. It was found that the phytochemical constituents are very much enriched in the Glycyrrhiza glabra extract and can be used for development of new formulations.