Glycyrrhiza is an important medicinal crop that has been extensively utilized in the food and medical sectors, yet studies on hyperspectral remote sensing monitoring of glycyrrhiza are currently scarce. This study analyzes glycyrrhiza hyperspectral images, extracts characteristic bands and vegetation indices, and constructs inversion models using different input features. The study obtained ground and unmanned aerial vehicle (UAV) hyperspectral images and chlorophyll content (called Soil and Plant Analyzer Development (SPAD) values) from sampling sites at three growth stages of glycyrrhiza (regreening, flowering, and maturity). Hyperspectral data were smoothed using the Savitzky–Golay filter, and the feature vegetation index was selected using the Pearson Correlation Coefficient (PCC) and Recursive Feature Elimination (RFE). Feature extraction was performed using Competitive Adaptive Reweighted Sampling (CARS), Genetic Algorithm (GA), and Successive Projections Algorithm (SPA). The SPAD values were then inverted using Partial Least Squares Regression (PLSR), Support Vector Regression (SVR), Random Forest (RF), and Extreme Gradient Boosting (XGBoost), and the results were analyzed visually. The results indicate that in the ground glycyrrhiza inversion model, the GA-XGBoost model combination performed best during the regreening period, with R², RMSE, and MAE values of 0.95, 0.967, and 0.825, respectively, showing improved model accuracy compared to full-spectrum methods. In the UAV glycyrrhiza inversion model, the CARS-PLSR combination algorithm yielded the best results during the maturity stage, with R², RMSE, and MAE values of 0.83, 1.279, and 1.215, respectively. This study proposes a method combining feature selection techniques and machine learning algorithms that can provide a reference for rapid, nondestructive inversion of glycyrrhiza SPAD at different growth stages using hyperspectral sensors. This is significant for monitoring the growth of glycyrrhiza, managing fertilization, and advancing precision agriculture.