2-(N-Cyanoimino)-5-{(E)-4-styrylbenzylidene}-4-oxothiazolidine (FPFS-410) is a newly synthesized thiazolidine derivative having not only antidiabetic but also lipid-lowering activities. However, this compound has an extremely low aqueous solubility (2.8×10−8 M in phosphate buffer at 25 °C). In this study, we attempted to improve the solubility of FPFS-410 in water, by means of the complexation with 2-hydroxypropyl-β-cyclodextrin (HP-β-CyD). Further, the interaction of FPFS-410 with HP-β-CyD in 50% v/v methanol/water mixed solution was investigated by ultraviolet and 1H-nuclear magnetic resonance (NMR) spectroscopic methods, because the solubility of FPFS-410 in water was too low to study quantitatively the interaction. The results of the solubility method indicated that HP-β-CyD had a markedly high solubilizing ability to FPFS-410, e.g., the solubility of the compound was increased 200,000-fold by the addition of 40 mM HP-β-CyD. The continuous variation plot of the FPFS-410/HP-β-CyD system in 50% v/v methanol/water solution gave a maximum at a host/guest molar ratio of 1:1. 1H-NMR spectroscopic studies suggested that the stilbene moiety of FPFS-410 is preferably included in the HP-β-CyD cavity to form the 1:1 complex in 50% v/v methanol/water solution. The present results suggest that HP-β-CyD is useful for improvement of the oral bioavailability of FPFS-410.