A method of fabricating a semiconductor device with capacitors may include forming a mold structure on a lower structure, patterning the mold structure to form a plurality of holes exposing the lower structure, forming a protection layer on sidewalls of the mold structure exposed by the holes, forming lower electrodes in the holes provided with the protection layer, removing the mold structure to expose the protection layer, removing the protection layer to expose sidewalls of the lower electrodes, and sequentially forming a dielectric film and an upper electrode on the lower electrodes.