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Hydroxypropyl-β-cyclodextrin (HPCD) is an etherified derivative of β-cyclodextrin. The introduction of hydroxypropyl group opens the hydrogen bond in the molecule of β-cyclodextrin to form an amorphous mixture. The water solubility of the mixture is greatly improved. It has been proved by experiments that it has higher safety and can even be used for intravenous injection. Therefore, it is considered to be a potential parent cyclodextrin substitute, and FDA has approved its application in pharmaceutical and food industry. Hydroxypropyl-β-cyclodextrin is amorphous and easily soluble in water. It has a special three-dimensional ring structure with inner hydrophobic and outer hydrophilic. The hydrophobic cavity can be used for drug inclusion. It can form inclusion complexes with a variety of compounds, so as to improve the water solubility, stability, antioxidant and photolysis resistance of guest molecules, or achieve sustained-release and stereo separation effects. Hydroxypropyl-β-cyclodextrin can change its physical and chemical properties after inclusion with drugs, which can reduce side effects, improve solubility and stability, and can be used as carrier and diluent. Hydroxypropyl-β-cyclodextrin can also be used to prepare sustained and controlled release preparations and targeted preparations. Therefore, hydroxypropyl-β-cyclodextrin has been widely used in food, medicine, cosmetics, agriculture and analytical chemistry in recent years.