A variable magnification optical system according to the present invention includes, in order from an object side: a first lens group having positive refractive power, a second lens group having negative refractive power, a third lens group having positive refractive power, a fourth lens group having positive refractive power, and a following lens group, wherein at least the second lens group is moved so that a gap between the first lens group and the second lens group increases and a gap between the second lens group and the third lens group decreases when zooming from a wide angle end to a telephoto end, and a predetermined conditional expression is satisfied.