Eucalyptol (Euc) is a natural monoterpene with insecticide effects. Being highly volatile and sensitive to ambient conditions, its encapsulation would enlarge its application. Euc-loaded conventional liposomes (CL), cyclodextrin/drug inclusion complex, and drug-in-cyclodextrin-in-liposomes (DCL) are prepared to protect Euc from degradation, reduce its evaporation, and provide its controlled release. The liposomal suspension is freeze-dried using hydroxypropyl--cyclodextrin (HP--CD) as cryoprotectant. The liposomes are characterized before and after freeze-drying. The effect of Euc on the fluidity of liposomal membrane is also examined. A release study of Euc from delivery systems, in powder and reconstituted forms, is performed by multiple head extraction at 60°C after 6 months of storage at 4°C. CL and DCL suspensions are homogeneous, show nanometric vesicles size, spherical shape, and negative surface charge before and after freeze-drying. Moreover, HP--CD does not affect the fluidity of liposomes. CL formulations present a weak encapsulation for Euc. The loading capacity of eucalyptol in DCL is 38 times higher than that in CL formulation. In addition, freeze-dried DCL and HP--CD/Euc inclusion complex show a higher retention of eucalyptol than CL delivery system. Both carrier systems HP--CD/Euc and Euc-loaded DCL decrease Euc evaporation and improve its retention. Practical Applications: Eucalyptol is a natural insecticide. It is highly volatile and poorly soluble in water. To enlarge its application, its encapsulation in three delivery systems (conventional liposomes, cyclodextrin/drug inclusion complex, combined system composed of cyclodextrin inclusion complex and liposome) is studied. In this paper it is proved that cyclodextrin/eucalyptol inclusion complex and eucalyptol-in-cyclodextrin-in-liposome are effective delivery systems for encalyptol encapsulation, retention, and release.