A variable focal length lens system with low cost, suitable for use with a video camera or a digital still camera employing a solid-state imaging device, capable of assembling and adjusting with ease, and to provide an imaging apparatus equipped with the lens system is provided. According to an aspect, it is a variable focal length lens system comprising, in order from an object side, a first lens group having a negative refractive power, a second lens group having a positive refractive power, and a third lens group having a positive refractive power, wherein the first lens group consists of only one cemented negative lens element, the second lens group comprising at least two positive lens element and at least one negative lens element, and the third lens group consists of a single lens element, and wherein a space between the first and second lens group is decreased and a space between the second and third lens group is increased when a state of the lens group positions is changed from the wide-angle end state to the telephoto end state.