The aim of this work was the preparation of the inclusion complex of naproxen with 2-hydroxypropyl-beta cyclodextrin (HP-beta-CD) in order to improve the physical and chemical properties of naproxen. The molecular inclusion complexes of naproxen with HP-beta-CD were prepared by using the co-precipitation method in the solid state with the molar ratio of 1:1. The structure of the obtained complex was characterized by using FTIR, H-1 NMR, UV-Vis and XRD methods. The testing of naproxen photostability by the UV-Vis method indicated the degradation to aromatic ketone, 2-acetyl-6-methoxynaphthalene. FTIR analysis showed that the degradation has started 15 days after the exposure of naproxen to daylight while the inclusion complex of naproxen:2-hydroxypropyl-beta-cyclodextrin was photostable for a period of 30 days.