A lens retraction mechanism slantways retracts a lens from a shooting position to a receiving space. The lens retraction mechanism includes a base body, which includes a substrate, a guide wall disposed on the substrate and the receiving space, a lens guiding frame moveable with respect to the base body in the direction of an optical axis of the lens group, a pair of guiding shafts having one end fixed to the guiding frame, and a lens holding frame that fixes a lens group and includes a pair of slippage portions moveable with respect to the guide wall. When the lens retracts, the guiding frame draws the guiding shaft to move towards the substrate in the direction of the optical axis, and the lens holding frame moves along the guide means and also along the guiding shaft, and finally falls into the receiving space. The lens retraction mechanism retracts the lens group stably and securely.