Hydroxypropyl-sulfobutyl-&bgr;-cyclodextrin, the preparation method, analytical method, and the pharmaceutical application thereof. The hydroxypropyl-sulfobutyl-&bgr;-cyclodextrin is a derivate of cyclodextrin which is substituted by hydroxypropyl group and sulfobutyl group: n-(2,3,6-O-2-hydroxypropyl)-m-(2,3,6-O-sulfobutyl)-&bgr;-cyclodextrin. The number of substituent groups per mole cyclodextrin is n hydroxypropyl groups and m sulfobutyl groups. “n” represents the average substituent degree of hydroxypropyl groups; “m” represents the average substituent degree of sulfobutyl groups; “n+m=z” is the gross average substituent degree, in which n is a random integer chosen from 1,2,3,4,5,6,7,8,9; m is a random integer chosen from 1,2,3,4,5,6,7,8,9; and the gross average substituent degree z is a random integer chosen from 2,3,4,5,6,7,8,9,10. The present invention shows low haemolysis and low toxicity.