A variable capacity rotary compressor including first and second compression chambers having different capacities, and a rotating shaft. First and second eccentric cams are mounted to the rotating shaft to be eccentric in a same direction. First and second eccentric bushes are fitted over the first and second eccentric cams to make an angle between eccentric lines of the first and second eccentric bushes be less than 180.degree.. A locking pin functions to change a position of the first or second eccentric bush to a maximum eccentric position. Further, a slot is formed on the rotating shaft between the first and second eccentric bushes. In this case, the slot having a predetermined length is formed to have a same angle as the angle between the eccentric lines of the first and second eccentric bushes. The locking pin is inserted into the slot.