A variable capacity rotary compressor has a simplified structure to reduce manufacturing costs and assembling time thereof and is capable of easily and conveniently performing a capacity-changing operation. The variable capacity rotary compressor includes first and second compression chambers having different capacities, a rotary shaft disposed through the first and second compression chambers, first and second eccentric cams mounted at the rotary shaft in the first and second compression chambers, respectively, first and second eccentric bushes rotatably mounted at outer surfaces of the first and second eccentric cams, respectively, a connection part connected between the first and second eccentric bushes, the connection part having a latching groove extending in a rotating direction of the rotary shaft, a latching pin protruding from the rotary shaft such that the latching pin is disposed in the latching groove, and holding grooves depressed by a predetermined depth at opposite ends of the latching groove in a longitudinal direction of the rotary shaft to hold the latching pin therein.