Itraconazole, a poorly water soluble antimycotic agent, is promising agent for various diseases. To improve the solubility of itraconazole, the inclusion compound of Itraconazole with β-cyclodextrin was prepared by spray drying, solvent evaporation, kneading, lyophilization, physical mixture method and characterized by solubility, scanning electron microscopy, differential scanning calorimetry, FTIR and dissolution study. DSC and FTIR confirmed the formation of complex. The solubility of the prepared complex was found to be improved. Itraconazole complex by spray drying method and Itraconazole showed 95.65 % and 80.55% of drug release at the end of 48 h in dissolution study. It was concluded that the complex of itraconazole may be of potential use for improving the solubility of itraconazole and hence its bioavaibility.