A new polycarboxylate superplasticizer (NPC) was synthesized by radical copolymerization of maleic anhydride (MAH), sodium methylacryl sulfonate (MAS), allyl polyethylene glycols (APEG), and β-cyclodextrins grafted maleic anhydride (MAH-β-CD) using ammonium persulfate (APS) as initiator. The effect of feeding mode and molar ratio of monomers, contents of MAH-β-CD and reaction temperature on fluidity was discussed. The results show that the excellent properties of NPC were obtained when molar ratios of MAH, MAS, APEG and MAH-β-CD were 2.5: 0.5 : 1 : 0.1 in the presence of 1 mol% APS of all molar of vinyl monomers at 90 °C for 5 h. Meanwhile, the molecular structure was characterized by FTIR spectrum.