An image encoding/decoding method and apparatus are provided. An image decoding method according to the present disclosure is performed by an image decoding apparatus. The image decoding method comprises deriving a first flag specifying whether to perform weighted prediction on a current block and a weight index BcwIdx of bi-prediction with CU-level weight (BCW) for the current block, determining whether to perform default weighted prediction or explicit weighted prediction on the current block based on the first flag and BcwIdx, and generating a prediction block for the current block by performing the determined method.