The microscopic ionization behavior of piroxicam was investigated using two different approaches, i.e., direct UV spectroscopy and an indirect analogue approach (deductive method). The best microscopic pK(a) values (PKa12 = 4.60, pK(a21) = 5.40, pK(a22) = 2.72, and pK(a11) = 1.92) were obtained by the deductive method using as pK(a22) the pK(a) of the enolic O-methylated piroxicam 2. The results show remarkable electrostatic effects in the protonation/deprotonation equilibria, a marked increase in the acidity of the enolic function (2.68 pK(a) units) being caused by the pyridinium group. The electronic structure of piroxicam was studied based on H-1-NMR chemical shifts at various ionization states, indicating an extended electron conjugation through the molecule. The partition measurements in octan-1-ol/H2O of zwitterionic compound 3 (the pyridyl N-methyl derivative of piroxicam (1)) suggest that the two opposite charges in zwitterionic piroxicam are indeed in a close intramolecular proximity