An attempt was made to improve the solubility and dissolution rates of practically insoluble fenticonazole nitrate(FN) by cyclodextrin complexation. The interaction of FN with α-, β-, y- and dimethyl-β-cyclodextrin (DM-β-CyD) in water was investigated by solubility method. The solubility of FN in water at 37℃ was increased 3.9, 15. 6, 12. 7 and 25. 4 times in the presence of 1×10^(-2) M α-, β-, y and DM-β-CyD, respectively, comparing with that of intact drug. The apparent stability constants (K`) and thermodynamic parameters of FN-CyD systems were determined, and K` of FN-DM-β-CyD system (15417 at 37℃) was by far larger than those of other FN-CyD systems. Also solid dispersions of FN-CyDs were prepared to modify the dissolution characteristics of FN by co-evaporation of methanolic drug-CyD solution. The resulting solid dispersion systems and physical mixtures were examined by differential scanning calorimetry and infrared spectroscopy. The dissolution rates of FN from these solid dispersions were markedly increased at pH 4.0 and 6.8, comparing with that of intact FN. In particular, the addition of povidone into the dissolution medium retarded the crystallization of FN.