There is provided a composition for preventing and treating obesity including high water-soluble β-cyclodextrin derivatives as an effective component. Specifically, the composition including the high water-soluble β-cyclodextrin derivatives, especially, 2-hydroxypropyl-β-cyclodextrin (HP-β-CD, HPBCD) has effects on suppressing an increase in body weight induced by a high fat diet, suppressing appetite through decreasing an amount of dietary intake, decreasing body fat, decreasing liver weight, and significantly decreasing a sharp increase of blood sugar induced by intaking glucose and maltose on an empty stomach so that it can be useful for preventing and treating obesity, preventing and treating various diseases induced by obesity, and suppressing a sharp increase of blood sugar after dinner.