A stable anaesthetic composition is described which is particularly suitable for use in cats and dogs. The composition comprises an aqueous solution of an anaesthetically effective amount of a water soluble cyclodextrin or a cyclodextrin derivative complex of alfaxalone and a buffer, excluding phosphate buffer pH 7.0, 0.1M mixed as defined in the British Pharmacopoeia 1998, such that the pH of the solution is from 6.0-8.0.