High-density waste drilling fluid contains an abundance of recyclable weighting reagents, direct disposal can pollute the environment. In this paper, the primary mineral composition of a high-density waste drilling fluid from a well in the southwest oil and gas field was analyzed. This paper proposes β-cyclodextrin (β-CD) as a depressant for the recovery of barite from waste drilling fluid. The recovery process was investigated through inverse flotation experiments, and the mechanism was analyzed using zeta potential, contact angle analysis, and FTIR. The flotation experiments showed that under the SDS flotation system, when the pH was 9.0 and the amount of depressant β-CD was 900 g/t, the barite recovery and density reached the highest values, which were 87.41% and 4.042 g/cm3, respectively. Zeta potential experiments, contact angle analysis, and FTIR analysis indicate that β-CD adsorbed onto barite through enhancing the hydrophilicity of barite, electrostatic force adsorption, and strong adsorption, which could not be displayed by SDS through competitive adsorption. Furthermore, β-CD exhibited a selective inhibitory effect on barite and enabled reverse flotation. The mechanism model of the flotation separation process was established.