There is disclosed an image processing apparatus which implements an image process suitable for an effect for compositing or switching images, and an image process that allows smooth high-speed playback of even an image in motion. The apparatus has band segmentation means for segmenting an image signal into a plurality of frequency band components, and image composition means for, after the band segmentation means segments input first and second image signals, outputting a third image signal by replacing image data for respective segmented band components. When image data, which are recorded while being segmented into a plurality of frequency band components, are composited for respective band, and the composite image data is output, image data obtained by compositing a plurality of image frequency components is decoded and played back in a high-speed playback mode.