Preparation of glycine-β-cyclodextrin (GCD) was carried out by the reaction of β-cyclodextrin with glycine in the presence of KOH and epichlorohydrin. The enhanced solubilization behavior of phenanthrene and lead carbonate by GCD was studied, and the desorption behavior of phenanthrene and lead from co-contaminated soil was also investigated. The results showed that GCD has obvious solubilization for phenanthrene and lead carbonate. The solubility of phenanthrene in 30 g/L of GCD was enhanced about 30-fold. And the apparent aqueous solubilities of lead carbonate are also obviously increased with increasing GCD concentration, when the concentration of GCD reached 20 g/L, the aqueous lead concentration was 2945 mg/L. GCD could simultaneously increase the apparent aqueous solubility of phenanthrene and complex with lead. The desorption process of GCD for phenanthrene and lead from co-contaminated soil followed the pseudo-second-order kinetic model. The removal efficiencies of phenanthrene and lead in soil increased dramatically with increasing GCD concentrations. At concentration of 40 g/L, GCD has a removal efficiency of 85.8% and 78.8% for lead and phenanthrene, respectively, from the combined contaminated soil. The use of GCD as an extractant to enhance the removal of heavy and hydrophobic organic contaminants (HOCs) from co-contaminated soils appears as a promising remediation method.