The experiment was carried out to purify and to investigate the properties of the cyclodextrinase produced from Bacillus megaterium KFCC 11855. The enzyme was partially purified with (NH₄)₂SO₄ and chromatography on DEAF-trisacryl, Ultrogel AcA 34, DEAF-trisacryl and Ultrogel HA. The optimum temperature and pH of the purified enzyme were 60℃ arid 6.0, respectively. The enzyme was stable at the temperature of 45℃ below and at the pH range of 6.0∼9.0, respectively. The Km value for γ-cyclodextrin was 0.903 mM. The enzyme activity was increased by Mg^(2+) and Mn^(2+), but decreased by Hg^(2+) and Cu^(2+). The enzyme degraded γ-cyclodextrin but not α-cyclodextrin. The degree of β-CD degradation by the enzyme was very low. The decomposed products of γ-cyclodextrin by the enzyme were mainly glucose, maltose and a little amount of maltotriose.