Solvation characteristics of a ketocyanine dye have been studied in completely miscible ternary solvent mixtures, namely, methanol + acetone + water and methanol + acetone + benzene, by monitoring the solvatochromic absorption band of the dye. The maximum energy of absorption (E) of the solute in a ternary solvent mixture differs significantly from the mole fraction average of the E values in the component solvents. Results in the corresponding binary solvent mixtures also show a deviation of the E value from the mole fraction averaged E values. The results have been explained in terms of preferential solvation using a two phase model of solvation. The excess or deficit over the bulk composition of a solvent component in the vicinity of the solute molecule in a ternary solvent mixture has been estimated using the knowledge of solvation in the corresponding binary mixtures.