The dynamics of microcapsules in steady shear flow was studied using a theoretical approach based on three variables: The Taylor deformation parameter αD, the inclination angle θ, and the phase angle φ of the membrane rotation. It is found that the dynamic phase diagram shows a remarkable change with an increase in the ratio of the membrane shear and bending elasticities. A fluid vesicle (no shear elasticity) exhibits three dynamic modes: (i) Tank-treading (TT) at low viscosity ηin of internal fluid (αD and θ relaxes to constant values), (ii) Tumbling (TB) at high ηin (θ rotates), and (iii) Swinging (SW) at middle ηin and high shear rateγ (θ oscillates). All of three modes are accompanied by a membrane (φ) rotation. For microcapsules with low shear elasticity, the TB phase with no φ rotation and the coexistence phase of SW and TB motions are induced by the energy barrier of φ rotation. Synchronization of φ rotation with TB rotation or SW oscillation occurs with integer ratios of rotational frequencies. At high shear elasticity, where a saddle point in the energy potential disappears, intermediate phases vanish, and either φ or θ rotation occurs. This phase behavior agrees with recent simulation results of microcapsules with low bending elasticity.