An image pickup apparatus comprising a first lens unit which comprises at least a negative lens element and at least a positive lens element and has negative refractive power, a second lens unit which has positive refractive power, and an optical path bending reflecting optical element which has a variable reflecting surface disposed in an airspace between a most object side lens component of the first lens unit and a most object side lens component of the second lens unit. This image pickup apparatus changes a magnification by moving the second lens unit along an optical axis and corrects a deviation of an image location by varying a shape of the variable reflecting surface of the reflecting optical element.