A variable magnification optical system includes a negative first lens group, a stop, and a positive second lens group. The distance in an optical axis direction between the first and the second lens groups is reduced when magnification is changed from the wide angle end to the telephoto end. The stop is fixed with respect to an image plane when magnification is changed, and the first lens group includes a positive lens, a negative lens, a negative lens, and a positive meniscus lens with a convex surface on the object side in order from the object side. The optical system satisfies predetermined conditional expressions with respect to the average Abbe number of the positive lens and the positive meniscus lens of the first lens group at the d-line, and the focal length of the entire system at the wide angle end and the focal length of the negative lens.