We report studies of the interaction between a proton-transfer dye (1'-hydroxy,2'-acetonaphthone, HAN), with the human serum albumin (HSA) protein and a beta-cycloclextrin derivative (DM-beta-CD) in neutral water solutions. We used steady-state and picosecond time-resolved emission spectroscopy to follow the structural changes of HAN due to the hydrophobicity and confinement effect of these nanocavities. Upon encapsulation, the fluorescence intensity of the 1: 1 inclusion complex in both cavities increases, and the emission lifetimes become longer. For the DM-beta-CD complexes, we obtained 430 and 920 ps, whereas for the HSA complexes we obtained 630 ps and 2 ns. Picosecond anisotropy measurements show strong confinement due to protein docking. The rotational time for the CD complex is 660 ps, whereas for the protein comples we find 6 ns. The process of energy transfer from the excited triptophan 214 (Trp214) of HSA to the trapped HAN occurs with high efficiency (71%), and the calculated distance between both chromophores is 17 A. We believe that the results are important for a better understanding of the processes occurring in inclusion complexes such as those in nanopharmacodynamics.