A variable stiffness bushing assembly includes an inner tubular member, an outer tubular member coaxially surrounding the inner tubular member, and an elastic member connecting the inner and outer tubular members. The elastic member defines a pair of first liquid chambers that are on opposite sides of an axial line of the inner tubular member and communicate with each other via a first circumferentially extending communication passage defined between one of the outer yokes and the annular large diameter portion, and a pair of second liquid chambers that are on opposite sides of the axial line and communicate with each other via a second circumferentially extending communication passage defined between another one of the outer yokes and the annular large diameter portion. The magnetic fields generated by the two coils are selectively applied to a magnetic fluid flowing through the first communication passage and the second communication passage.