A retractable lens system including a radially-retractable optical element movable to a position outside of a common optical axis; a linearly movable frame which supports the radially-retractable optical element; a rotatable member for moving optical element support frames including the linearly movable frame which support the plurality of optical elements, respectively, between a ready-to-photograph position and a retracted position on the common optical axis; a retracting member which retracts the radially-retractable optical element; and an accommodating portion formed on the rotatable member. At least a portion of the radially-retractable optical element enters into the accommodating portion of the rotatable member when the radially-retractable optical element is moved to the radially-retracted position.