In an image pickup apparatus, image data obtained by an image pickup unit is subjected to predetermined image processing, and an image is displayed on an electronic viewfinder screen based on the image data that has undergone the image processing. A specified color is determined based on color information included in a predetermined region of an image that is currently being displayed on the electronic viewfinder screen, and image processing parameters are produced so that color conversion is carried out on the image while eliminating color components of colors other than the determined specified color.