Objectives : To estimate the shelf-life by long-term storage test of Pyungwi-san. Methods : Experiments were conducted to evaluate the stability such as the selected physicochemical, heavy metal, microbilogical experiment under an acceleration test and long-term storage test of Pyungwi-san in different storage under room temperature, refrigeration and freezing. Futhermore, HPLC analysis was performed for the determinations of glycyrrhizin in the Pyungwi-san on an Inertsil ODS-3 column(250 mm ${ imes}$ 4.6 mm, 5 um) using solvent 35% acetonitrile include 0.05% phosphoric acid at 254 nm. The flow rate was 1.0 mL/min. Results : The significant change was not showed in pH, heavy metal, microbiological, identification test and quantitative analysis based on acceleration test and long-term storage test. Retention time of glycyrrhizin in HPLC chromatogram was about 16.065 min and calibration curve showed good linearity($R^2$ = 0.9999). The contents of glycyrrhizin in acceleration test and long-term storage test were 0.068~0.076 mg/mL and 0.066~0.077 mg/mL, respectively. Shelf-lifes of room temperature, refrigeration and freezing by long-term storage test were predicted 41, 24 and 34 months, respectively. Conclusions : The suggested shelf-life would be helpful on the storage and distribution of herbal medicine.