A zoom lens composed of plural groups and adapted for changing group spacing or spacings, and includes, in a first group GR1 fixed during zooming operation, a reflection member M for bending or folding the optical axis substantially by 90 degrees and a negative group at the object side relative to the reflection member M. At the image side of the first group GR1, there are at least included a second group GR2 movable during zooming operation and having negative refractive power, and a light quantity adjustment member ST1 fixed during zooming operation. Angle of the reflection member M is changed at the time of sinking lens barrel so that the negative group of the first group GR1 is accommodated into a space thus defined.