A variable magnification optical system includes first lens group having negative refractive-power, an aperture-stop and second lens group having positive refractive-power, arranged from the object-side. A negative lens having a concave surface facing the image-side is arranged on the most object side of the first lens group, and an aspheric lens having a concave surface facing the object-side and an aspheric surface facing the image-side is arranged on the most image side of the first lens group. A positive lens having a convex surface facing the image-side is arranged, on the object-side of the aspheric lens, immediately before the aspheric lens. The image-side surface of the aspheric lens at the most image side of the first lens group includes a portion having higher positive power on the outside of positions through which outermost rays of an axial beam pass, compared with the vicinity of the optical axis.