A retractable lens system includes a linearly movable ring; a radially-retractable optical element supported by the linearly movable ring; an exposure control unit supported by the linearly movable ring and adjacent to the radially-retractable optical element; an exposure control unit recess formed on the exposure control unit to face the radially-retractable optical element when the radially-retractable optical element is in the radially-retracted position; a retracting device which retracts the radially-retractable optical element to the radially-retracted position and brings at least a part of a frame of the radially-retractable optical element to enter the exposure control unit recess when the linearly movable ring retracts from a ready-to-photograph position to a retracted position.