Naproxen-b-cyclodextrin inclusion complex was prepared by the freeze-drying method and analyzed by IR, UV spectroscopy, X-ray diffractometry and differential scanning calorimetry. Phase solubility, dissolution and inclusion rate of the complex were determined. The phase solubility diagram was of the A L type, which revealed that the molar ratio of naproxen to b-cyclodextrin was 1:1. The solubility of naproxen significantly increased with increasing b-cyclodextrin concentration. The apparent stability constant, K c , was calculated from the slope and intercept of the A L solubility diagram as 2376/M. The total released amount and released time of naproxen from the inclusion complex were better than that of the intact naproxen.