Disclosed is a substrate treating apparatus that treats a substrate with processing liquids. The apparatus includes a substrate holder, an exterior cup, and an interior cup. The interior cup includes an interior cup body, and an interior cup outlet. The exterior cup includes an exterior cup body, an exterior bottom cup, a first drain outlet, a first exhaust port, a second drain outlet, a second exhaust port, and a separation partition. The apparatus further includes an annular member movable upwardly/downwardly, and a drive unit that causes the annular member to move to shift the interior cup body between a collecting position and a retracting position.