A variable valve apparatus for an internal combustion engine includes a control shaft, a camshaft having first and second camshaft members rotatable relative to each other, a rotary cam rotating together with the second camshaft member for opening and closing of an exhaust valve, an eccentric drive cam rotating together with the first camshaft member, a rocker arm caused to swing with rotation of the eccentric drive cam, a swing cam caused to swing by the rocker arm for opening and closing of an intake valve, a control cam formed on the control shaft to change an operating position of the rocker arm according to a rotational phase of the control shaft and vary the amount of swinging movement of the swing cam, a phase control mechanism adapted to control a relative rotational phase of the first and second camshaft members and an actuator for rotating the control shaft.