Shown herein is the use of crosslinked beta-cyclodextrin as a trap for removing cholesterol. The crosslinked beta-cyclodextrin is prepared by crosslinking beta-cyclodextrin in the presence of a crosslinking agent. Treatment with the crosslinked beta-cyclodextrin results in cholesterol-depleted foods. After application to foods, the crosslinked beta-cyclodextrin which traps cholesterol therein can be readily regenerated with organic solvents. The crosslinked beta-cyclodextrin can be applied to almost all cholesterol-containing foods, such as dairy products, meat products, and egg products, with excellent cholesterol removal rates.