Polycarboxylate superplasticizer (PCE) is widely used in concrete, but the clay content in the aggregate is increasing at present, which seriously weakens the dispersing function of PCE. Therefore, in order to lower the sensitivity of PCE to the clay, β‐cyclodextrin (β‐CD) was used for synthesizing anti‐clay polycarboxylate superplasticizers (AC‐PCE). Firstly, the clay tolerance property of AC‐PCE was explored by the fluidity and rheological test; then, the PCE was mixed with montmorillonite (MMT), and interaction mechanism was studied. The results showed that compared with the conventional polycarboxylate superplasticizer (CO‐PCE), an increase of 19.5% and 14.9% was observed in the fluidity of cement paste and mortar for AC‐PCE, indicating that the sensitivity of AC‐PCE to the clay was lower than that of CO‐PCE. Both CO‐PCE and AC‐PCE were adsorpted on MMT. XRD results showed that intercalation adsorption had occurred for both CO‐PCE and AC‐PCE. N2 adsorption results showed that although AC‐PCE was also inserted into the interlayer of MMT, its adsorption amount was lower than that of CO‐PCE due to steric hindrance from β‐CD, which increased the sorption level of the AC‐PCE on the cement clinkers particles. Therefore, the clay tolerance of PCE was enhanced significantly by β‐CD.