A substrate holding apparatus holds a rotating substrate without idly rotating the substrate and keeps the substrate in proper balance while the substrate is rotated. In a revolvable holding member, a column-shaped holding part is disposed on a top surface of a column-shaped supporting part, at an eccentric position with respect to a rotation axis of the supporting part. The revolvable holding member is supported by a rotation base for free rotation, and linked to a magnet holding part which incorporates a permanent magnet. On the other hand, a ring-shaped magnet which is disposed in a processing liquid collecting cup is freely driven by an air cylinder in a vertical direction. As the ring-shaped magnet is moved upward or downward and crosses a predetermined line as viewed in a positional relationship relative to the permanent magnet, which is at a height where the permanent magnet is disposed, the direction of a magnetic line of flux of the ring-shaped magnet is reversed. As a result, the direction of the revolving force which acts upon the permanent magnet is reversed, whereby the revolvable holding member holds or releases a substrate.