A variable magnification optical system includes a relay lens group (a fifth lens group) substantially consisting of a relay front group and a relay rear group with a predetermined air space therebetween, and which is fixed during magnification change and has image formation action, and an extender lens group insertably and detachably arranged between the relay front group and the relay rear group, and which extends a focal length toward a telephoto side without changing an image formation position. The extender lens group substantially consists of a first lens group having positive refractive power and a second lens group having negative refractive power in this order from an object side. The second lens group is a cemented lens substantially consisting of a convex meniscus lens, a biconcave lens and a convex meniscus lens in this order from the object side.