Spectrophotometric studies of inclusion complex formation of β-CD with donors like phenothiazine drugs and acridine dyes and with acceptors like chloranil and trinitrobenzene have been studied in aqueous medium. In each case a 1:1 complex formation is observed, the formation constants of which are determined using Benesi-Hildebrand equation. Effect of β-CD on the charge transfer complexes between these two groups is found to be complicated because of larger size of the complexes compared to the β-CD cavity (6-6.5Å).