A variable displacement compressor has a sleeve axially slidably mounted on an axial drive shaft and a swash plate tiltably connected to the sleeve. The angle of the tilt of the swash plate is variable by an axial movement of the sleeve and a movement of the swash plate along a guiding cam track to vary the compressor displacement. The guiding cam track is provided by a cam groove having a form of a closed loop and formed in a driving plate drivingly connected to the drive shaft and to the swash plate to transmit the torque of the drive shaft to the swash plate. A fulcrum pin is provided on the swash plate and engaged in the cam groove and is movable along the guide groove toward the drive shaft as the angle of tilt of the swash plate is decreased.