Glycyrrhiza uralensis, known as “Gan-Cao” in Chinese, is one of the most widely used herbs in the world. As a long-established and widely used traditional Chinese medicine, G. uralensis has spleen and qi promoting, heat clearing and detoxifying effects and is listed in the pharmacopoeias of several countries. In recent years, the extraction, purification, biological activity, and applications of G. uralensis polysaccharides (GUPs) have attracted the attention of researchers. Studies have shown that GUPs possess various biological functions, including anti-inflammatory, immune regulation, antioxidant, anti-tumor, anti-diabetic, and antibacterial properties. Therefore, a comprehensive systematic review is needed to summaries the latest progress on GUPs and to promote a deeper understanding of their biological functions. This paper reviews the research progress of GUPs in terms of extraction and purification methods, chemical structure, biological activity, possible mechanisms of action and potential applications, providing valuable insights and the latest information for the further development and application of GUPs in fields such as medicine, feed additives, vaccination and food additives.