An observation optical system has an objective system and an eyepiece system in the order from the object side. The objective system includes, in the order from the object side, a first group having a positive power, a second group having a positive power, and a third group having a negative power. The objective system has an inverting optical system. The eyepiece system includes, in the order from the object side, a fourth group having a positive power and a fifth group having a positive power. The third group and the fourth group move in directions separating from each other along an optical axis to thereby perform variable power from a low magnification to a high magnification, and also the following conditional expression is satisfied: 0.28