Provided is an oil separating structure of a variable displacement compressor including: a cylinder block having a plurality of cylinder bores; a front housing disposed in the front of the cylinder block to form a swash plate chamber; a drive shaft rotatably supported at the cylinder block; a lug plate disposed in the swash plate chamber of the front housing and fixedly installed at the drive shaft; a rear housing disposed in the rear of the cylinder block and having a discharge chamber and a suction chamber communicating with the cylinder bores; a swash plate installed to be rotated by the lug plate to vary its inclination angle; pistons connected to the swash plate and reciprocating in the cylinder bores; a suction path for communicating the swash plate chamber and the discharge chamber; an additional exhaust path for communicating the swash plate chamber and the suction chamber; and a control valve installed in the middle of the suction path, characterized in that the drive shaft has a communication aperture formed therein for communicating the swash plate chamber and the suction chamber, and the lug plate has a first communication hole passing therethrough and a second communication hole formed therein for communicating the first communication hole and the communication aperture. Therefore, oil and refrigerant are smoothly separated from each other using only the communication hole formed in the lug plate without an additional oil separator, thereby simplifying an inner constitution of a compressor.