Introduction: Local administration of melatonin might prove useful in future clinical studies. Melatonin possesses poor solubility and stability in aqueous solutions. The aim of this study was to investigate the solubility and stability of melatonin when dissolved in glycofurol, propylene glycol, and dimethyl sulfoxide (DMSO). Methods: Two experiments were performed: solubility and stability. In the solubility experiment, we dissolved melatonin in 20% propylene glycol and 20% glycofurol solutions, respectively. For the stability experiment, we prepared three different formulations: melatonin and glycofurol (20% w/w, 10 mg/g); melatonin, glycofurol, and DMSO (20%, 40% w/w, 10 mg/g); and melatonin and DMSO (50% w/w, 1 mg/g). All three solutions were stored at 25°C for 45 days. Concentrations of melatonin in all solutions were measured through high-performance liquid chromatography. Results: Melatonin demonstrated poor solubility in propylene glycol (3.6–3.8 mg/g) and better solubility in glycofurol (10.5–11.1 mg/g). All three formulations of the stability experiment showed no degradation of melatonin over 45 days. Discussion: Glycofurol and DMSO provide better solubility and stability than aqueous solutions. The formulations used in this experiment have adequate stability to be used in clinical trials.