Solutions of sodium perfluorooctanoate (SPFO) and beta-cyclodextrin (beta-CD) were studied using ultrasonic relaxation (0.8-190 MHz), speed of sound, and electrical conductivity techniques. The observed relaxation processes are believed to be due to the surfactant monomer-micelle exchange process and the molecular dynamics of the beta-cyclodextrin/surfactant complex. The surfactant monomer-micelle exchange process was analyzed using the Aniansson model after the sound absorption due to the presence of the cyclodextrin/ surfactant complex was substracted from the total sound absorption. The resulting data show a single relaxation process indicating that the kinetics of the monomer-micelle exchange process for the SPFO micelles is relatively unaffected by the presence of beta-CD or the 1:1 inclusion complex. Any contribution of counterion binding to beta-CD or of a fast counterion exchange process appears to affect only the micelle distribution and not the mean aggregation number, the exit rate for the monomer, or the average volume change associated with the exchange. Furthermore, the presence of the guest molecule, SPFO, appears to induce ultrasonic relaxation processes which are related to the beta-cyclodextrin structure and are normally absent in solutions containing only beta-CD.