A variable magnification optical system includes a positive first lens group, a negative second lens group, a stop, a positive third lens group and a positive fourth lens group, which are in this order from an object side. The first lens group, the stop and the third lens group are fixed, but the second lens group and the fourth lens group move in an optical axis direction during magnification change. The fourth lens group has a focusing function. The third lens group includes at least an aspherical surface, and consists of, in the following order from the object side, a positive lens and a cemented lens of a positive lens and a double-concave lens cemented together. The variable magnification optical system satisfies a predetermined formula.