A handheld vaporizing device with rotating liquid housing chamber provides a multi-functional, handheld vaporizer/e-cigarette used to extract the active ingredients of a liquid substance for inhalation. The device provides a mouthpiece and a colinear rotatable multi-chamber housing. The housing has three enclosed chambers that receive individual liquid capsules filled with a liquid substance for smoking. Each enclosed chamber has one of a plurality of heating element assemblies, and a corresponding liquid capsule. Rotation of the housing to a locked position aligns a liquid capsule with a heating element assembly to achieve the vaporization of the contained liquid substance. An illumination subassembly lights up to indicate operation of heating element assemblies, charging capacity and status, and for providing an ornamental effect. A wax subassembly, which is interchangeable with the illumination subassembly, attaches colinear to the handle of the device for storing, manipulating, and heating a vapor wax used for inhalation.