There is provided an image processing apparatus comprising. An identification unit identifies a target color that a pixel of a shot image corresponding to an object having a specific color is to have as a result of white balance processing performed on the shot image. A determination unit determines a target region of a virtual light source in the shot image. An image processing unit performs image processing for adding an effect of virtual light irradiation by the virtual light source to the target region. A control unit controls a color of the virtual light source such that a color close to the target color approaches the target color in the target region.