By anionic ring opening polymerization initiated by cyclodextrin oxyanions generated from NaH and -cyclodextrin (-CD), novel biodegradable -CD cored star-shaped poly(-caprolactone)s (s-PCLs) were synthesized and then characterized by means of FTIR, GPC, 1 H-NMR. The effects of different feed molar ratios of NaH and -CD on arm number and on the molecular weight of s-PCLs, and the relationship between the polymerization time and monomer conversion were investigated. Moreover, the physical properties of linear PCL (l-PCL) and sPCLs with similar molecular weights but different arm number were studied and compared by DSC, SEM and intrinsic viscosity measurement, respectively. It was found that the feed molar ratio of NaH and -CD is an important factor which influences both the molecular weight and arm number. The melting points and intrinsic viscosities of s-PCLs with similar molecular weights were lower than that of l-PCL, and were found to decrease with increasing arm number. Both SEM and AFM showed that the surface morphology of s-PCL films was different from that of l-PCL. These results indicated that s-PCL with different arms and physical properties could be synthesized using just a -CD core by adjusting the feed molar ratio of NaH and -CD.