The invention relates to a four- or five-group zoom lens that ensures wide-angle performance, high zoom ratios and high quality with a more reduced number of lenses than ever before. The zoom lens comprises, in order from its object side, a first lens group G1 having positive power, a second lens group G2 having negative power, a third lens group G3 having positive power, a fourth lens group G4 having negative power and a fifth lens group G5 having positive power. The fourth lens group G4 comprises one lens. For zooming, all the spacings between the respective lens groups vary and the first lens group G1 moves in such a way as to arrive at the object side at the telephoto end position rather than at the wide-angle end position.