A variable valve operating apparatus for an internal combustion engine, comprising: a drive camshaft that is rotationally driven by a rotational force of a crankshaft; and a driven cam lobe that is concentric with the drive camshaft, and is rotatably supported by the drive camshaft; a guide member that has a raceway surface formed so as to surround the drive camshaft; a link mechanism that is connected to each of the drive camshaft and the driven cam lobe, has a contact member which is in contact with the raceway surface, and changes a rotation angle of the driven cam lobe with respect to the drive camshaft in association with a positional change of the contact member with respect to a center of rotation of the drive camshaft; contact maintaining means (66, 72) that maintains the contact between the contact member and the raceway surface, while the drive camshaft makes one rotation; an actuator that moves the raceway surface in a plane direction orthogonal to an axial line of the drive camshaft so as to adjust an eccentricity amount between the center of rotation of the drive camshaft and a center of the raceway surface; and control means that controls a control amount of the actuator to change a moving amount of the raceway surface in the plane direction, in accordance with an operation condition of the internal combustion engine; wherein in a state in which the center of the raceway surface is eccentric from the center of rotation of the guide member, a distance between the center of rotation of the contact member which revolves around the drive camshaft while being guided by the raceway surface and the center of rotation of the drive camshaft changes for an interval in which the drive camshaft makes one rotation. a drive camshaft that is rotationally driven by a rotational force of a crankshaft; and a driven cam lobe that is concentric with the drive camshaft, and is rotatably supported by the drive camshaft; a guide member that has a raceway surface formed so as to surround the drive camshaft; a link mechanism that is connected to each of the drive camshaft and the driven cam lobe, has a contact member which is in contact with the raceway surface, and changes a rotation angle of the driven cam lobe with respect to the drive camshaft in association with a positional change of the contact member with respect to a center of rotation of the drive camshaft; contact maintaining means (66, 72) that maintains the contact between the contact member and the raceway surface, while the drive camshaft makes one rotation; an actuator that moves the raceway surface in a plane direction orthogonal to an axial line of the drive camshaft so as to adjust an eccentricity amount between the center of rotation of the drive camshaft and a center of the raceway surface; and control means that controls a control amount of the actuator to change a moving amount of the raceway surface in the plane direction, in accordance with an operation condition of the internal combustion engine; wherein in a state in which the center of the raceway surface is eccentric from the center of rotation of the guide member, a distance between the center of rotation of the contact member which revolves around the drive camshaft while being guided by the raceway surface and the center of rotation of the drive camshaft changes for an interval in which the drive camshaft makes one rotation.