An aripiprazole formulation is provided which includes the antipsychotic agent aripiprazole in the form of an inclusion complex in a beta-cyclodextrin, preferably, sulfobutyl ether beta-cyclodextrin (SBECD), which in the form of an injectable produces reversible generally minimal to mild irritation at the intramuscular injection site. A method for minimizing or reducing irritation caused by aripiprazole at an intramuscular injection site and a method for treating schizophrenia employing the above formulation are also provided.