In the present invention, an oil and fat composition containing 10% by weight or more of a specific fat-soluble polyhydric fatty acid ester, in particular, a glycerol fatty acid ester, is used as a solvent for extracting hydrophobic components from licorice. Consequently, it is possible to reduce the production costs for hydrophobic components of licorice which have excellent effects as food and drink, such as health food and food with health claims (food for specified health uses and food with nutrient function claims), pharmaceutical products, etc. It is also possible to improve the stability and handling properties of the resulting composition.