A variable magnification optical system comprises, in order from an obj ect side, a first lens group (G1) having positive refractive power, a second lens group (G2) having negative refractive power, and a third lens group (G3) having positive refractive power. The first lens group (G1) comprises a front group (G11) having negative refractive power and a rear group (G12) having positive refractive power. Focusing is carried out by moving the front group (G11). The first lens group (G1), the second lens group (G2) or at least a portion of the third lens group (G3) is moved in a direction having a directional component perpendicular to the optical axis as a vibration reduction lens group.