A new method to adjust the particle size of interpolymer complexes has been developed by introduction of host-guest interaction into the dilute aqueous solution of poly(acrylic acid) (PAA) and poly(ethylene glycol) (PEG). Because of the cooperative hydrogen-bonding interaction, PAA can form the interpolymer complexes with PEG. Putting beta-cyclodextrin (beta-CD) into dilute PAA/PEG aqueous solution, the competition between host-guest and hydrogen-bonding interactions happens. The beta-CD/PAA/PEG ternary systems have been well characterized by ultraviolet-visible absorption spectroscopy (UV-vis), dynamic light scattering (DLS), transmission electron microscopy (TEM), diffusion NMR spectroscopy, attenuated total reflectance-Fourier transform infrared (ATR-FTIR), and solid-state C-13 NM R spectroscopy. The results indicate that the hydrophobic cavity of beta-CD is threaded by linear polymers so that the hydrophilicity of PAA/PEG interpolymer complexes is improved greatly. Adjusting the amounts of beta-CD, the particle size of the interpolymer complexes can be readily controlled. The low cytotoxicity of various beta-CD/PAA/PEG ternary complexes has been confirmed using the MTT assay in COS-7 cell line. Doxorubicin (DOX), an anticancer drug, has been encapsulated into the beta-CD/PAA/PEG ternary complexes. The DOX-loaded beta-CD/PAA/PEG ternary complexes have been analyzed by confocal laser scanning microscopy (CLSM), flow cytometry analysis, and the MTT assay against human cervical carcinoma cell (Hela). The results indicate that beta-CD/PAA/PEG ternary complexes with controlled particle size could be used as safe and promising drug carriers.