An electronic device includes a display; a camera; a memory; and a processor operatively connected to the display, the camera, and the memory where the memory stores instructions which, when executed, enable the processor to determine a number of at least one source frame per unit second based on a specified maximum exposure time, receive light reflected from an external object by using the camera, for an exposure time determined according to a specified exposure value, generate source frames based on the received light, and generate a time-lapse image including at least one target frame indicating movement of the external object based on source frames, and the instructions cause the processor to generate the source frames at a speed different from a speed at which the time-lapse image including the at least one target frame is played.