A variable magnification optical system includes, in order from the object side along the optical path, a first group that has a positive power, a second group that has a positive power, a third group that has a negative power, a stop, a fourth group that has a positive power, and a fifth group that has a positive power. The first group includes two mirrors. An intermediate image is formed in the optical path between the first group and the second group. The second group, the third group, and the fourth group are refractive optical systems. During changing magnification, the two mirrors of the first group, the second group, the stop, and the fifth group are immovable, the third group moves to the image side, and the fourth group moves to the object side.