In this paper， an inclusion complex of adlay bran polyphenols(ABP) with β-cyclodextrin (β-CD) was prepared by freeze-drying method. The inclusion complex was then characterized by ultraviolet spectroscopy (UV)， fourier transform infrared spectroscopy (FTIR)， X-ray diffraction (XRD)， thermogravimetry-differential scanning calorimetry (TG-DSC) and scanning electron microscope (SEM). Further， the antioxidant activities of ABP and ABP/β-CD inclusion complex were evaluated by ferric reducing antioxidant power (FRAP) and 2，2′-Azino-Bis (3-Ethylbenzothiazoline-6-Sulfonic Acid) diammonium salt (ABTS) radical cation scavenging activity assays. It was found that the FRAP and ABTS radical cation scavenging activity of ABP/β-CD inclusion complex were 5.6% and 8.9% higher than that of ABP(P<0.05)， respectively. In addition， the light stability of the aqueous solution of ABP and ABP/β-CD inclusion complex was investigated by measuring the retention rate of total phenolic content. After 48 hours of light， it was found that the retention rate of total phenolic content in ABP/β-CD inclusion complex was 1.20 times higher than that in ABP (P<0.05). These results showed that ABP/β-CD inclusion complex was successfully prepared by freeze-drying method， and the inclusion complex had good antioxidant activity and aqueous light stability， which could be used as a new functional food ingredient.