A variable valve operating device that makes it possible to reduce the loss in driving force transmission from a camshaft to a valve during a valve lift is provided. The rotary motion of a drive cam is transmitted to a swing member via intermediate rollers. A coupling member couples the intermediate rollers, to a swing fulcrum that is fastened to a control shaft. The swing fulcrum is positioned eccentrically to the center of the control shaft. Further, when the control shaft is positioned at a predetermined rotation position, the swing fulcrum is positioned so that the control shaft is placed between the swing fulcrum and the intermediate rollers. Preferably, the swing fulcrum, the control shaft, and the intermediate rollers are aligned.