A variable magnification optical system that comprises a first lens group having negative refractive power, a first intermediate lens group having positive refractive power, a second intermediate lens group, and a rear lens group having at least one focusing lens group which is moved upon carrying out focusing from an infinitely distant object to a closely distant object. The variable magnification optical system is constructed such that, upon varying a magnification from a wide angle end state to a telephoto end state, the first lens group is moved along the optical axis, a distance between the first lens group and the first intermediate lens group is varied, a distance between the first intermediate lens group and the second intermediate lens group is varied, a distance between the second intermediate lens group and the rear lens group is varied, and predetermined conditional expressions are satisfied.