The spectral displacement technique was used to determine the 1:1 equilibrium binding constants (K 2 ) of the complexes formed between β-cyclodextrin and carboxylate anion guests, including either single components or mixtures in aqueous solution at variable temperatures (25−55°C). A van't Hoff analysis of the results afforded thermodyamic parameters (ΔH°, ΔS°, and ΔG°) of the single-component carboxylate anions and complex mixtures of carboxylic acid species, referred to as naphthenic acids (NAs). Three types of single-component examples of NAs with variable hydrogen deficiency (z) values were studied: n-octanoic (z = 0; S1), trans-4-pentylcyclohexanecarboxylic acid (z = −2; S2), and dicyclohexylacetic acid (z = −4; S3). The carboxylate anion mixtures were obtained from commercial suppliers and an industrial source obtained from oil sands process water. The estimated K 2 values decrease with increasing temperature, and the standard Gibbs energy change (ΔG°) for complex formation is generally favorable (from −16 to −28 kJ/mol) and largely enthalpy-driven (from −12 to −30 kJ/mol). The change in entropy of complex formation (ΔS°) for S1, S2, and S3 varies (−23 and 44 J mol −1 K −1 ) depending on the guest size and relative lipophilicity. The positive correlation between complex stability, host−guest size-fit complementarity, and lipophilicity of the carboxylate anion reveals the importance of the hydrophobic effect, as evidenced by compensation phenomena for such host−guest complexes.