Oxyresveratrol (Oxy) has attracted much attention by employing it as an antibrowning agent in fruits and vegetables. In this study, the formation of cyclodextrin (CD) inclusion exhibited a certain protective effect on Oxy oxidative degradation, while hydroxypropyl-β-cyclodextrin (HP–β-CD) inclusion complex showed stronger stabilizing effects than those of β-cyclodextrin (β-CD). The combined use of CD and hydroxypropyl methylcellulose (HPMC) greatly improved the stability of Oxy–CD inclusion complexes, with approximately 70% of the trans-Oxy retained after 30 days of storage under light conditions at 25 °C. The results of the interaction between CD and Oxy determined by phase solubility studies and fluorescence spectroscopic analysis showed that the binding strength of CD and Oxy increased in the presence of HPMC. Moreover, Oxy combined with ascorbic acid and HPMC showed an excellent antibrowning effect on fresh-cut apple slices during the 48 h test period, indicating that adding HPMC as the third component will not influence the antibrowning activity of Oxy.