Micelles can be formed from coenzyme Q(10) (CoQ(10)) and dipotassium glycyrrhizate (GZK(2)) by using an inclusion complex of CoQ(10) with gamma-cyclodextrin (gamma-CD). The mechanism of micelle formation was kinetically investigated. Adding GZK2 to a supersaturated solution of the CoQ(10)/gamma-CD inclusion complex led to a linear increase in the solubility of CoQ(10) due to the formation of micelles of CoQ(10) when the molar ratio of GZK2/gamma-CD increased to similar to 1.6, after which the concentration remained constant. The equilibrium constant K for micelle formation was 0.68 (-) and the ratio of GZK2 to CoQ(10) was 1. These results suggest that the formation of CoQ(10) micelles with GZK2 might proceed via the displacement of CoQ(10) by GZK2 in the gamma-CD cavity followed by the formation of CoQ(10) micelles.