In an optical viewer instrument with a photographing function, a telescopic lens system for observing an object and a digital camera system for photographing the object are housed in a casing. A manually-operable rotary wheel is rotatably provided in the casing such that a portion of the rotary wheel is exposed to the outside from the casing to bring the object into focus through the telescopic lens system. A display panel unit for displaying the object as a motion picture on a display screen thereof is mounted on the casing so as to be movable between a retracted position, where the display screen of the display panel unit is close to a wall surface of the casing, and a display position, where the display screen of the display panel unit is directed to the ocular-lens-system side of the telescopic lens system. The rotary wheel is arranged such that the exposed portion of the manually-operable rotary wheel is hidden behind the display panel unit when being at the retracted position.