A variable magnification optical system for projection includes a first-lens-group having negative refractive power, and which is fixed when magnification of the system is changed, a second-lens-group having negative refractive power, and which is movable when magnification of the system is changed, a third-lens-group having positive refractive power, and which is movable when magnification of the system is changed, and a fourth-lens-group having positive refractive power, and which is fixed when magnification of the system is changed, which are arranged from the magnification side of the system in the order mentioned. The reduction side of the variable magnification optical system is telecentric, and formula 1.5