The present invention relates to a controlled release ocular pharmaceutical dosage forms like matrix type ocular inserts comprising the antiglaucoma drug-hydroxy propyl beta cyclodextrin complex and other excipients. More particularly the invention also leads to formulate acetazolamide-hydroxy propyl betacyclodextrin containing matrix type ocusert system-using Hydrophillic and /or Hydrophobic polymers.fre of preservative.