Unmodified beta-cyclodextrin has been directly used to initiate ring-opening polymerization of ?-caprolactone in the presence of yttrium trisphenolate. Well-defined cyclodextrin (CD)-centered star-shaped poly(?-caprolactone)s have been successfully synthesized containing definite average numbers of arms (Narm = 46) and narrow polydispersity indexes (below 1.10). The number-average molecular weight ($\overline{M}_{\rm n,NMR}$) and average molecular weight per arm ($\overline{M}_{\rm n,arm}$) are controlled by the feeding molar ratio of monomer to initiator. The prepared star-PCL with $\overline{M}_{\rm n,NMR}$ of 2.7 X 103 is in fully amorphous and that with $\overline{M}_{\rm n,NMR}$ of 13.3 X 103 is crystallized. In addition, the obtained poly(e-caprolactone) (PCL) stars with various molecular weights have different solubilities in methanol and tetrahydrofuran, which can be applied for further modifications.