A variable capacity rotary compressor including upper and lower compression chambers having different capacities, and a rotating shaft. Upper and lower eccentric cams are provided on the rotating shaft to be eccentric from the rotating shaft in a same direction. Upper and lower eccentric bushes are fitted over the upper and lower eccentric cams, respectively, to be eccentric from the rotating shaft in opposite directions, with a slot provided at a predetermined position between the upper and lower eccentric bushes. A locking pin functions to change a position of the upper or lower eccentric bush to a maximum eccentric position. The compressor further includes a friction unit to prevent the upper and lower eccentric bushes from slipping. The friction unit is installed at a predetermined portion of the upper eccentric cam, and applies a frictional force to the upper eccentric bush to offset a slip-rotating force of the upper eccentric bush.