An interpolation image generating method includes dividing each of the first reference image and the second reference image into reference regions each including pixels, executing a correlation operation between the first reference image and first destination images located before and after the first reference image and a correlation operation between the second reference image and a second destination image to derive motion vectors for the first and second destination images every reference region, obtaining correlation values between the regions of the first and second destination images that are indicated by the motion vectors and the reference region to determine the reference region as a high or low correlation region, generating an interpolation image candidate between the first reference and second images using the reference region determined as the high correlation region, and mixing the interpolation image candidates using the motion vectors of the reference region to produce an interpolation image.