The present study focuses on the synthesis of the natural product 4-methyl-umbelliferone (4-MU, hymecromone), the preparation, characterization, and biological activity evaluation of 4-MU inclusion complexes with β-cyclodextrin (β-CD), as well as their incorporation into pharmaceutical tablets. The inclusion complexes (ICs) were characterized using DLS, SEM, TGA as well as FT-IR, UV-vis, and NMR spectroscopies. The release profile of 4-MU from the β-CD-4-MU ICs was studied in three different pH: 1.2 (aqueous hydrochloric acid), 7.4, and 6.8 (phosphate-buffered solutions), to simulate the stomach, physiological, and intestine pH, respectively. The ICs were incorporated in pharmaceutical tablets which were prepared by direct compression and were characterized for their mechanical properties. The optimal composition of 4-MU as the active pharmaceutical ingredient (API) and excipients was determined using design of experiment (DoE), and the dissolution studies were performed at pH 1.2 at 37 ± 0.5 °C. The sustained release profile of the pharmaceutical tablets showed a delayed burst release effect at 20 min (20% drug release) compared to that of the ICs at the same time interval (70%). The results indicated that the kinetic model describing the release profile of 4-MU from the ICs and tablets is the Higuchi model, while the release mechanism is swelling and diffusion, as was indicated by the Korsmeyer–Peppas kinetic model. The optimization analysis revealed that the optimum composition contains x1 = 150.95 mg of β-CD-4-MU ICs, x2 = 82.65 mg of microcrystalline cellulose, and x3 = 12.40 mg of calcium phosphate.