Global incline towards the herbal medicines could provide enhanced opportunities for trade and commerce, for countries like India. This increased demand of herbal drugs & their overexploitation from natural sources have threatened the survival of some of the widely used plants. Use of alternative plants to the overexploited plants could be a useful strategy. The roots and extracts of Glycyrrhiza glabra are popularly known as commercial Licorice. Licorice has a long history of about 4000 years of use in Ayurveda, Indian traditional system of medicine . In India, in certain parts of the state of Maharashtra, villagers often use a wild plant, Taverniera cuneifolia, belonging to Angiosperm family of Fabaceae, as an alternative to G. glabra. Roots of this wild perennial plant are used against ailments like Cough, Cold and Asthma. Folk singers of Maharashtra believe that chewing the roots of this plant may improve voice quality during long hours of singing. There is no scientific data available on the constituents of Taverniera cuneifolia, thus a comparative account of phytochemistry and pharmacological properties of T.cuneifolia with G. glabra is provided in this book.