An experimental study on the performance and instability development characteristics of a centrifugal compressor equipped with an adjustable inlet guide vane has been performed with varying guide vane angles. The test was conducted at the design speed of 20,800 rpm for 6 guide vane angles : $-30^{circ},;-20^{circ},;10^{circ},;0^{circ},;10^{circ},;20^{circ},;30^{circ}$. Unsteady pressures were measured using high-frequency pressure transducers at the inducer to investigate the instability phenomena such as rotating stall and surge inside the compressor. From the unsteady measurements, it is found that the transient process from rotating stall to surge was mainly affected by inlet guide vane angles. The results of the present study can be applied to the instability control of the centrifugal compressors using a adjustable inlet guide vane.