A shutter apparatus includes a shutter substrate having a shutter opening, two shutter blades that are pivotally provided in the shutter substrate and that have cam openings, and an operation member that is engaged with the cam openings and that drives to turn the two shutter blades. The two shutter blades move to form three states of a fully open state, a fully closed state, and a small aperture state in this order, in accordance with a movement of the operation member, the two shutter blades are positioned to interpose the shutter opening therebetween in the fully open state, a first shutter blade is positioned on the shutter opening and has an aperture opening in the small aperture state, and moves to the shutter opening in one direction while the state is shifted to the fully open state, the fully closed state, and the small aperture state, and a second shutter blade is reciprocated in the fully closed state that serves as a turning point.