There are provided an image processing apparatus and image processing method which can increase the processing efficiency upon obtaining data which allows re-use and re-editing of a document such as a paper document. While image data is input, and pieces of character information included in the input image data are sequentially recognized, the pieces of character information included in the input image data are subjected to outline conversion using vector data. At this time, the character type of the pieces of recognized character information and the vector data having undergone outline conversion are managed while being associated with each other. Upon recognizing the pieces of character information, it is determined whether the character type of the pieces of character information has undergone previous outline conversion. If it is determined that the character type has undergone the previous outline conversion, the management is controlled so as to use vector data used in the previous outline conversion.