An image decoding method performed by a decoding apparatus, according to the present document, comprises the steps of: deriving a multilayer output layer set (OLS) index of a target OLS in a list of multilayer OLSs; acquiring hypothetical reference decoder (HRD)-related information and decoded picture buffer (DPB)-related information for the target OLS, on the basis of the multilayer OLS index; and decoding a picture within the target OLS, on the basis of the HRD-related information and the DPB-related information, wherein the multilayer OLSs are OLSs including a plurality of layers, and the target OLS is one of the multilayer OLSs.