Jägermeister is a type of liqueur called Kräuterlikör (herbal liqueur). It is akin to other European liqueurs, such as Gammel Dansk from Denmark, Fat-Frumos balsam and Nucul de Aur from Moldova, Beerenburg from the Netherlands, Unicum from Hungary, Becherovka from the Czech Republic, Gorzka Żołądkowa from Poland, Demänovka from Slovakia, Pelinkovac from Croatia, Riga Black Balsam from Latvia, Gorki List from Serbia, Fernet-Branca from Italy and Chartreuse and Bénédictine from France. In contrast to those beverages, Jägermeister has a sweeter taste. In Germany itself, there are quite a few competitors, such as Killepitsch, Kuemmerling, Schierker Feuerstein, Schwartzhog, Wurzelpeter, and Underberg, some of which are as sweet as Jägermeister.

Jägermeister's ingredients include 56 herbs, fruits, roots, and spices, including citrus peel, licorice, anise, poppy seeds, saffron, ginger, juniper berries, and ginseng.[11] These ingredients are ground, then steeped in water and alcohol for 2–3 days. Afterwards, this mixture is filtered and stored in oak barrels for about a year. When a year has passed, the liqueur is filtered again, then mixed with sugar, caramel, and alcohol.