A variable capacity rotary compressor, including upper and lower compression chambers having different capacities, a rotating shaft passing through the upper and lower compression chambers, upper and lower eccentric cams provided on the rotating shaft, and upper and lower eccentric bushes fitted over the upper and lower eccentric cams, respectively. A slot is provided at a predetermined position between the upper and lower eccentric bushes. A locking pin, moves along the slot, to change a position of the upper or lower eccentric bush to a maximum eccentric position, and a clutch engages with the slot at a position opposite to the locking pin to thereby preventing the upper and lower eccentric bushes from slipping over the upper and lower eccentric cams, respectively.