Amphiphilic biocompatible cyclodextrin grafted polymers comprising a hydrophobically modified cyclodextrin moiety, a linear linker and a biocompatible hydrophilic polymer backbone, wherein said cyclodextrin moiety is grafted to said biocompatible hydrophilic polymer backbone by said linker are disclosed. The cyclodextrin-grafted biocompatible polymers of this invention may be used as bioactive agent carriers. Methods of making and using such cyclodextrin-grafted biocompatible polymers are disclosed.