The neoclassical theory of ion transport in rotating axisymmetric plasmas is formulated. The flow speed is allowed to be of the order of the ion thermal speed. It is shown that the ion distribution function becomes Maxwellian, with temperature uniform on a magnetic surface, and the poloidal flow decays, in a few transit or collision times, in general. A drift kinetic equation is derived which is a simple generalization of the drift kinetic equation for nonrotating plasmas. The radial gradient of the toroidal angular velocity appears as a driving term like the temperature gradient. Both gradients drive the transport of toroidal angular momentum and energy, in general; Onsager relations for the two‐by‐two transport matrix are derived. The off‐diagonal transport coefficients are shown to be zero if the magnetic field has up–down symmetry. A simple expression for the enhancement of the ion thermal conductivity in the banana regime, caused by rotation, is derived. The neoclassical viscosity is shown not to be enhanced by rotation in the banana regime, and to be small in the collisionality parameter in the collisional regime, assuming up–down symmetry. In the collisional regime, the thermal conductivity is shown to be suppressed by the effects of rotation.