Production of cyclodextrin (CD) directly from raw corn starch without liquefaction using cyclodextrin glucanotransferase (CGTase) was carried out in an agitated bead reaction system. Similar CD yield and production rate comparable with those of conventional method using liquefied starch were obtained. Especially high purity-CD in the reaction mixture without accumulation of malto-oligosaccharides was obtained. The maximum 54g/l of CD was obtained at raw starch concentration of 200g/l. CD yield was inversely proportional to raw starch concentration, and conversion yield was 0.48 at substrate concentration of 100g/l. The optimal amount of enzyme (CGTase unit/g raw starch) was found to be around 6.0. Granular structure of raw starch degraded by CGTase was observed by SEM in order to investigate the enhancing mechanism, along with those of acid or alkali pretreated raw starch, amylose, and amylopectin. Kinetic constants of CGTase on raw starch in an agitated bead reaction system were evaluated, and CGTase was competitively inhibited by CD.