Moutan Cortex (Cortex moutan radicis), a widely used traditional Chinese medicine for the treatment of various diseases. A variety of compounds in Mouton Cortex that Paeonol, a major phenolic component. A phenolic extract of Moutan Cortex has been reported to exhibit DPPH radical-scavenging activity. Cyclodextrins (CDs) are a family of cyclic oligosaccharides that are composed of α-1,4-linked glucopyranose subunits. Cyclodextrins are most important. Because of their inclusion complex forming capability, the properties of the materials with which they complex can be modified significantly . The aim of this study was to prepare inclusion complexes of the paeonol that extraction of Moutan Cortex with CD in order to improve their water-solubility, and studied antioxidant activity and tyrosinase inhibition for drug and CD complex. CD complex analied by UV spectrometer and 1H-NMR (Nuclear magnetic resonance). Modified L-Tyrosine method was used to determine tyrosinase inhibition activity. 1,1-diphenyl-2-pricrylhydrazyl (DPPH) radical-scavenging method was used to determine the antioxidant activities ability.