A VCR apparatus may include a connecting rod at which a small end forming a hole having a circular shape to be rotatably connected with a piston pin moving together with the piston and a large end rotatably connected with a crank pin eccentrically arranged with respect to the crankshaft are formed; an eccentric cam concentrically arranged and rotatably disposed in the hole of the small end and configured so that the piston pin is eccentrically inserted thereinto and is rotatably connected therewith; a latching pin disposed in the small end to make a reciprocal rectilinear motion in a direction of rotation axis of the small end and operated to selectively latch the small end with the eccentric cam in one among at least two relative positions between the small end and the eccentric cam; and an acting oil passage formed at the connecting rod.