An image encoding/decoding method and apparatus are provided. An image decoding method performed by an image decoding apparatus may include determining whether to parse first information specifying whether a skip mode applies to a current block, determining whether to parse second information specifying whether an IBC (Intra Block Copy) mode applies to the current block, determining whether the IBC mode applies to the current block based on the first information and the second information, and deriving a prediction block of the current block based on whether to apply the IBC mode. Whether to parse the first information may be determined based on at least one of a width or height of the current block.