A variable magnification optical system comprising a plurality of lens groups which includes a first negative lens group having negative refractive power, a second negative lens group disposed at a more image side than the first negative lens group and having negative refractive power, a third negative lens group disposed at a more image side than the second negative lens group and having negative refractive power; upon varying a magnification, distances between adjacent lens groups being varied; the first negative lens group being movable to include a component in a direction perpendicular to the optical axis as a vibration reduction lens group; the second negative lens group being moved along the optical axis upon carrying out focusing; and the predetermined conditional expression(s) being satisfied. The variable magnification optical system can attain a high optical performance and be made in small in size.