The present invention provides a novel amorphous solid dispersion of saxagliptin in combination with a pharmaceutically acceptable carrier, process for its preparation and pharmaceutical compositions comprising it. In a preferred embodiment, the process for the preparation of amorphous solid dispersion of saxagliptin in combination with a pharmaceutically acceptable carrier comprises: preparing a solution comprising a mixture of saxagliptin and one or more pharmaceutically acceptable carriers selected from copovidone, ethyl cellulose, hydroxypropyl methylcellulose, polyethylene glycol or soluplus in a solvent; and removing the solvent to obtain amorphous solid dispersion of saxagliptin in combination with a pharmaceutically acceptable carrier.