The aims of this study were to investigate the interaction between β-cyclodextrin (β-CD) and amylose–lipid complex in retrograded starch and to propose a model related to the interaction for exploring the retardation of β-CD on starch retrogradation. Results obtained from differential scanning calorimetry (DSC) and X-ray diffraction (XRD) showed that β-CD competed with amylose to disrupt the formation of amylose–lipid complex and that a potential amylose–β-CD–lipid inclusion complex was formed in the retrograded starch. The formation of the complex obviously caused the association of starch chains due to the short and fat aggregates observed using atomic force microscopy (AFM). These findings indicated that the formed amylose–β-CD–lipid complex was responsible for the retardation of starch retrogradation.