The photophysical properties of Przewalskinone-B, a plant extract which is reported widely for its medicinal values were studied in the absence and presence of a drug carrier, β-Cyclodextrin. The steady state absorption, fluorescence excitation and emission spectra of Przewalskinone-B were studied in an aqueous medium. The fluorescence emission of Przewalskinone-B was analysed in presence of varying concentrations of β-Cyclodextrin in an alcohol/water medium. An appreciable quenching was observed in the emission intensity of Przewalskinone-B. There was also a red shift observed in both absorption and emission spectra in presence of β-Cyclodextrin which designated a convinced interaction between the two species.