A variable capacity rotary compressor is designed to prevent eccentric bushes from slipping during a compression operation, thus preventing noise from being generated and increasing durability. The compressor includes a housing to define two compression chambers having different capacities therein. A rotating shaft is rotated in the compression chambers. Two eccentric cams are mounted to the rotating shaft. Two eccentric bushes are rotatably fitted over the eccentric cams. Two rollers are rotatably fitted over the eccentric bushes. Two vanes are installed in the compression chambers to be reciprocated in a radial direction of the rotating shaft. A cylindrical connecting part integrally connects the eccentric bushes to each other, with a locking slot being provided around the connecting part. A locking pin is mounted to the rotating shaft to project from the rotating shaft, and is locked by either of opposite ends of the locking slot, according to a rotating direction of the rotating shaft, thus making one of the eccentric bushes eccentric from the rotating shaft while making a remaining one of the eccentric bushes be released from eccentricity from the rotating shaft. A restraining unit outwardly moves from the rotating shaft by a centrifugal force when the rotating shaft is rotated, to restrain the connecting part.