A projection optical system and an image projection apparatus that are small in size and can achieve projection with a wide angle while a good image forming performance is assured includes a first lens group having a negative refracting power and a second lens group also having a negative refracting power. The first and second lens groups are arranged in order from the projection side. The first lens group includes a negative meniscus lens that has a concave surface directed to the projection side and formed as an aspherical reflecting surface.