Large amounts of waste result from licorice mold rot; moreover, prompt drying directly influences product quality and value. This study compared various glycyrrhiza drying methods (Hot air drying (HAD), infrared combined hot air drying (IR-HAD), vacuum freeze drying (VFD), microwave vacuum drying (MVD), and vacuum pulsation drying (VPD)) that are used in the processing of traditional Chinese medicine. To investigate the effects of various drying methods on the drying characteristics and internal quality of licorice slices, their color, browning, total phenol, total flavonoid, and active components (liquiritin and glycyrrhizic acid) were chosen as qualitative and quantitative evaluation indices. Our results revealed that VFD had the longest drying time, but it could effectively maintain the contents of total phenol, total flavonoid, and liquiritin and glycyrrhizic acid. The results also showed that VFD samples had the best color and the lowest degree of browning, followed by HAD, IR-HAD, and VPD. We think that VFD is the best approach to ensure that licorice is dry.