The restriction of local molecular motions is critical for improving the fluorescence quantum yields (FQYs) and the photostability of fluorescent dyes. Herein, we report a supramolecular approach to enhance the performance of fluorescent dyes by incorporating a linked rotaxane structure with permethylated α-cyclodextrins. Tetraphenylethylene (TPE) derivatives generally exhibit low FQYs in solution due to the molecular motions in the excited state. We show that TPE with linked rotaxane structures on two sides displays up to 15-fold higher FQYs. Detailed investigations with variable temperature 1 H NMR, UV-Vis, and photoluminescence spectroscopy revealed that the linked rotaxane structure rigidifies the TPE moiety and thus suppresses the local molecular motions and non-radiative decay. Moreover, the linked rotaxane structure enhances the FQY of the dye in various solvents, including aqueous solutions, and improves the photostability through the inhibition of local molecular motions in the excited TPE.