An image pickup apparatus (10) includes an image sensor (102) which photoelectrically converts an optical image formed via an image pickup optical system to output image data, an estimator (104a) which estimates a luminance value of a saturated pixel of the image sensor based on a single image corresponding to the image data, a setter (104b) which sets an exposure parameter based on the luminance value, and a controller (107) which performs photography based on the exposure parameter.