Absorption and fluorescence measurements for aqueous solutions at 298 K containing pentaoxyethylene nonyl phenyl ether (NPE5), in the absence and presence of beta-cyclodextrin (beta-CD), were analyzed to determine the effect of the complexation on the aggregation of the surfactant. For the binary system, the appearance of a new emission band and the presence of an isoemissive point in the emission spectra at the time and frequency domains indicate the formation of an excimer within the micellar core. The addition of beta-CD induces the formation of an inclusion complex strong enough to break the aggregates and avoid the excimer formation. For the ternary system, the increase in fluorescence has been used to assess the binding constants of 1:1 + 2:1 stoichiometries. Static light scattering, 1H NMR diffusion-ordered spectroscopy (DOSY), and two-dimensional rotating-frame Overhauser enhancement spectroscopy (ROESY) experiments were used to characterize the cloud point of NPE5 at 298 K, and to ascertain the effects of complexation on the clouding process. In the presence of beta-CD, the analysis of the 1H NMR spectra and the self-diffusion coefficients reveal the existence of interactions between the beta-CD and the aggregates that increase the cloud-point concentration more than expected. Under conditions of excess of beta-CD, ROE enhancements point to a complex of dominant 2:1 stoichiometry (beta-CD:NPE5) in which the hydrophobic moiety of the surfactant threads two beta-CDs.