The amorphous complex of 2-hydroxypropyl-β-cyclodextrin (HP-β-CyD) with an oral hypoglycemic agent, chlorpropamide (CPM), in a molar ratio of 1:1 was prepared by the spray-drying method. The effects of storage (temperature and humidity) and moulding pressure on the polymorphic transition of CPM in HP-β-CyD matrix were investigated, in comparison with those of the CPM polymorphs, Form A (stable form) and Form C (metastable form). The formation of an amorphous complex of CPM with HP-β-CyD was confirmed by powder X-ray diffractometry and differential scanning calorimetry. During storage at various temperature and humidity conditions, the metastable Form C of CPM converted to the stable Form A, where the conversion proceeded according to the Jander equation with an activation energy of 51 kJ/mol (25–60–°C) and a reaction-order of 1.55 with respect to water content (relative humidity (RH) 20–75%). No polymorphic transition of Form A crystals was observed under the experimental conditions. In the case of the amorphous HP-β-CyD complex, Form C crystals were slowly produced, but the further conversion of the resulting Form C to Form A was markedly suppressed in HP-β-CyD matrix. Upon compression (2000kg/cm2), Forms A and C were converted to amorphous CPM in a major portion and Forms C and A, respectively, in a minor portion. The polymorphic transition behavior was clearly reflected in the dissolution rate of CPM, i.e., (1) the dissolution rate was in the order of HP-β-CyD complex (Form C) Form A, and (2) the dissolution rate of Forms A and C after the compression increased because of the conversion to amorphous state, while the complex maintained the fast dissolving property even after the compression. The results indicated that HP-β-CyD is useful not only for converting crystalline CPM to an amorphous substance, but also for maintaining the metastable form with fast dissolution rate, Form C, over a long period.