In this study, solid dispersion (SD) was prepared by using a spray-drying method. This SD was formulated with raloxifene HCl (RLXH) and hydroxypropylmethylcellulose (HPMC) to enhance the dissolution rates of poorly water-soluble drugs. The particle size distribution was used to analyze the particle size of the original RLXH and SD. The solubility study was used to analyze the effect of HPMC in solubility of the RLXH. Scanning electron microscopy (SEM) was used to analyze the morphological observation of the SD samples. Differential scanning calorimetry (DSC) and X-ray diffraction (XRD) were used to analyze the crystallinity of the RLXH. The crystallinity of RLXH in SD was changed. The interaction between RLXH and HPMC was investigated by Fourier transform infrared spectroscopy (FTIR). The dissolution study presented a simulated gastric juice (pH 1.2). The release rate of RLXH SD was higher than that of the original RLXH due to the decreased particle size and hydrogen bond between drug and carrier. In conclusion, the SD techniques for the improvement of the dissolution rate of RLXH were a useful method.