The present study deals with improvement in aqueous solubility of aceclofenac using HPMC K-15M, PVP-K30 and Eudragit RS-100 in varying ratio by spray-drying at the optimized condition. The samples of solid dispersion were subjected to Fourier transform infra-red spectroscopy (FTIR), differential scanning calorimetry (DSC), powder X-ray diffraction morphology (PXRD), scanning electron microscopy (SEM), in vitro drug release and stability studies. A decrease in the melting enthalpy in DSC indicates conversion of crystalline to an amorphous state. The results were supported by PXRD, FTIR and SEM data revealed a characteristic decrease in crystallinity. The dissolution studies demonstrated a marked increase in the dissolution rate in comparison with pure drug. The considerable improvement in the dissolution rate of aceclofenac from spray drying, decreased drug crystallinity, altered surface morphology and micronization. The optimized co-crystals exhibited excellent stability on six-month storage at accelerated conditions of 40°C and 75% relative humidity. Thus, the solid dispersion obtained by spray drying is a potential tool for improving drug solubility in water.