A spinning reel includes a variable gear ratio device provided between a handle and a line guiding rotor. The variable gear ratio device includes outer and inner worm wheels rotatably sleeved on a rotary shaft. The outer worm wheel has a ring of outer gear teeth meshing with a worm. The inner worm wheel is nested in the outer worm wheel and has a ring of inner gear teeth surrounded by the outer gear teeth and meshing with the worm. An adjusting unit enables rotation of the rotary shaft to be transmitted to the worm via a selected one of the outer and inner worm wheels and enables idle rotation of the other one of the outer and inner worm wheels relative to the rotary shaft.