Meloxicam is a non steroidal anti inflammatory drug, used in the treatment of rheumatoid and osteoarthiritis. It is practically insoluble in water and its prolonged use is associated with the incidence of side effects like gastro intestinal perforations, ulcerations and bleeding. Therefore, an attempt has been made to improve the aqueous solubility of the drug by making an inclusion complex using hydroxy propyl β cyclodextrin(HPβ-CD). The complexes were prepared by physical mixture and freeze drying method. The different methods employed for evaluation such as DSC, XRD, SEM and FT-IR studies indicated complete formation of the complex by freeze drying method in a molar ratio of 1:2. The prepared complexes showed improved in-vitro dissolution profile as compared to the pure drug.