The physicochemical properties of 4-hydroxy-7-methoxy-3-phenyl-2H-chromen- 2-one (4HC) and β-cyclodextrins (CDs) inclusion complexes were investigated. The phase solubility profile of 4HC with β-cyclodextrin derivatives was classified as AL-type. Stability constants for complexes with 1:1 molar ratios were calculated from the phase solubility diagrams and indicate the following trend: DMβCD > HPβCD > βCD. The highest value of the binding constant was for 4HC-DMβCD; the binding association constant (Ka) for this complex was determined at different temperatures and the thermodynamic data indicate that 4HC-DMβCD association is mainly an entropically driven process. 1H NMR and ROESY were carried out, revealing that 4HC is embedded in the apolar cavity of DMβCD with the 4OH group buried in the cyclodextrin cavity with the phenyl group outside, near the primary rim. These results are in agreement with ORAC FL values; the decrease in the antioxidant activity of 4HC-DMβCD is explained by the e