Amphiphilic copolymers containing β-cyclodextrin (β-CD) core were synthesized successfully. Synthesis was initiated from tosylated cyclodextrin ((Tosyl)7-β-CD) which is containing two types of functional groups. Hydroxyl functional groups of (Tosyl)7-β-CD were used as initiator for ring opening polymerization of lactide. This step led to star polymers containing tosylated cyclodextrin core and polylactide arms (PLA–(Tosyl)7-β-CD). In the next step, tosyl groups of PLA–(Tosyl)7-β-CD were used as initiator for ring opening polymerization of 2-ethyl-2-oxazoline and amphiphilic copolymers containing cyclodextrin core, PLA and poly(2-ethyl-2-oxazoline) arms (PLA–β-CD–POX) were obtained. Loading of Congo red as guest molecule by amphiphilic copolymers was investigated. The release of guest molecule from chloroform solution of copolymers to water phase was also investigated.