A projection optical system projects, while enlarging, an image displayed on an image display surface and performs zooming by moving a plurality of lens groups arranged along a same optical axis. The projection optical system includes, from an enlargement side: a first lens group having a negative refractive power; a second lens group having a negative refractive power and movable during zooming; a third lens group having a positive refractive power and movable during zooming; and a lens group disposed at a most reduction-side position. The first lens group includes, from the enlargement side: a front group having a negative refractive power; and a rear group having a positive refractive power and including, from the enlargement side, a negative lens element and a positive lens element. For zooming from a wide-angle end to a telephoto end, the third lens group moves toward the enlargement side monotonically.