In this article, we investigate the encapsulation of K2[Ni(maleonitriledithiolate)2] (1) within a host molecule, β-cyclodextrin (β-CD), via single-crystal X-ray analysis. An inclusion complex, K2{[Ni(maleonitriledithiolate)2]@(β-CD)2} (2), was constructed from 1 and two β-CDs. The anion guest Ni complex included a host cavity, constructed using two β-CDs, and the Ni atom of the anion was located between the two hydrophilic primary rims. Ultraviolet-visible absorption spectroscopy revealed that inclusion complex 2 exhibited a 2:1 (host:guest) stoichiometry in the solution, which is consistent with the result obtained from X-ray crystallography. The association of the host and guest occurred in two steps, and the association constants for the first and second steps were 1.1(7) × 104 and 1.8(5) × 104 mol−1 dm3, respectively. The catalytic behavior of 1 and 2 was investigated for electrochemical hydrogen production in the aqueous solution of an acetate buffer (pH = 4.72). During the catalytic reaction, inclusion complex 2 was observed to have a better catalytic reaction rate than 1. The study findings provide insights into the effects of the encapsulation of guest molecules within host structures.