A bicycle component operating device is basically provided with a rider operating member, a ratchet member, a positioning pawl and a winding pawl. The ratchet member is rotatably mounted about a pivot axis. The positioning pawl prevents rotation of the ratchet member in a releasing direction when the positioning pawl is in a holding position. The positioning pawl releases the ratchet member for rotation in the releasing direction in response to a releasing operation of the rider operating member. The winding pawl rotates the ratchet member in a winding direction in response to a winding operation of the rider operating member. The winding pawl contacts the positioning pawl and moves the positioning pawl radially outward relative to the pivot axis as the winding pawl moves radially outward relative to the pivot axis in response to the releasing operation.