The characteristics of host-guest complexation between hydroxypropyl-beta-cyclodextrin (HP-beta CD) and coumarin as well as its derivatives of 7-hydroxycoumarin (7-HC) and 6-methylcoumarin (6-MC) were investigated with phase solubility method. The investigation was carried out in water and phosphate buffer solution (pH 7.4) and at different temperatures (from 298.15 K to 313.15 K). The phase-solubility diagrams from UV spectral measurements were of the A(L) type. The solubilities of coumarin and its derivatives in aqueous HP-beta CD solutions increased with temperature. The apparent stability constants (K-C) of inclusion complexes were calculated based on the solubility data and followed the order of 7-HC>6-MC>coumarin in the same solvent and at the same temperature. The stability constant of 7-HC in water was larger than that in the phosphate buffer solution, which was contrary to 6-MC and coumarin. The enthalpy and entropy changes of the inclusion process were negative, which showed that the inclusion interactions were enthalpy-driven process. All the results were interpreted with the driving forces occurred in the inclusion complexation. (C) 2013 Elsevier B.V. All rights reserved.