In the present work, studies were carried out on preparation and evaluation of ternary inclusion complexes of Simvastatin with a view to improve its Aqueous solubility, Dissolution rate and Oral Bioavailability. The inclusion complexes of Simvastatin were prepared by kneading method using beta-cyclodextrin and hydrophilic polymers (Polyvinylpyrrolidone, Polyethylene glycol, Hydroxypropyl methylcellulose). The phase solubility studies of Simvastatin with beta-cyclodextrin and hydrophilic polymers were studied per Higuchi and Connor’s method. The prepared inclusion complexes were characterized by FTIR (Fourier transform infra-red) and DSC (Differential scanning calorimetry) studies. The prepared inclusion complexes were also evaluated for uniformity of drug content and in vitro drug release.