The magnetic circular dichroism (MCD) spectra of xanthones (xanthone, thioxanthone, and acridone) and circular dichroism (CD) spectra of the inclusion complexes of xanthones with beta-cyclodextrin have been measured. The spectra are interpreted by results of the PPP and CNDO/S calculations. The first pi pi* state of thioxanthone and acridone shows the intramolecular charge-transfer character. The Faraday A term is observed in the MCD spectrum for the excited triplet state ((3)n pi*) of xanthone.