A zoom lens and an image pickup apparatus are disclosed. The zoom lens includes, in order from an object side to an image side, a first lens group having a positive refractive power, a second lens group having a negative refractive power, a third lens group having a positive refractive power, a fourth lens group having a positive refractive power, and a fifth lens group having a positive refractive power. The fifth lens group includes a fixed group having a negative refractive power, and a movable group having a positive refractive power and being movable in a direction substantially orthogonal to the optical axis. The image formed on an image surface is movable in a direction substantially orthogonal to the optical axis by moving the movable group of the fifth lens group in the direction substantially orthogonal to the optical axis. The fifth lens group is satisfied predetermined conditions.