A variable magnification optical system consists of a first lens-group having negative refractive-power, a stop and a second lens-group having positive refractive-power in this order from an object-side. The first lens-group includes an L11 negative meniscus lens, an L12 negative lens and a C11 cemented lens, in which a biconcave lens and a positive lens are cemented together in this order from the object-side, in this order from the object-side. The second lens-group includes an L21 positive lens that is arranged closest to the object-side and includes at least one aspheric surface, and an object-side surface of which is convex, and only two cemented lenses toward an image-side of the L21 positive lens, and each of which consists of a negative lens and a positive lens cemented together in this order from the object-side. The following conditional expressions (1) and (2) are satisfied: −1.0