The stability and solubility of piroxicam in propylene glycol (PG), polyethylene glycol (PEC), and PG-water cosolvents have been studied by using high performance liquid chromatography. The degradation rate followed an apparent first-order kinetic and the reaction rate constants at 70, 80, and $90^{circ}C$ were determined. From these rate constants, the activation energy and the rate constant of piroxicam at $25^{circ}C$ in pure PG calculated by Arrhenius equation were 23.34 kcal/mole and $7.0;{ imes};10^{-4};day^{-1}$, respectively. Both of PG and PEG increased the solubility of the drug, but PEG was more effective.