A variable magnification optical system includes, in order from an object: a first lens group (G1) having a negative refractive power; a second lens group (G2); a third lens group (G3); a fourth lens group (G4) having a negative refractive power; and a fifth lens group (G5) having a positive refractive power, the system performing varying magnification by changing the distance between the first and second lens groups, the distance between the second and third lens groups, the distance between the third and fourth lens groups, and the distance between the fourth and fifth lens groups, and the fourth lens group including a 42nd lens group (G42) configured to be movable so as to have a component in a direction orthogonal to an optical axis and a 41st lens group (G41) disposed at an object-side of the 42nd lens group.