The present disclosure is in the field of biomedical, pharmaceutical and polymeric sciences. The present disclosure relates to the conjugates of pendant polymers capable of forming guest:host complexes or covalent/non-covalent conjugates with cyclodextrins (or their derivatives), corresponding method of preparation and their application in treating lipid storage disorders. These conjugates possess improved properties including but not limiting to prolonged duration of action in cell and increased efficacy in removal of cholesterol from cells.