An image encoding/decoding method and apparatus for performing encoding/decoding using BDPCM and a storage medium storing a bitstream are provided. An image decoding method performed by an image decoding apparatus may comprise obtaining first information indicating whether block-based differential pulse coded modulation (BDPCM) is applicable to a current image, obtaining second information indicating whether to apply the BDPCM to a current block in the current image based on the first information, obtaining third information indicating a prediction direction of the BDPCM based on the second information, and applying the BDPCM to the current block based on the prediction direction of the BDPCM. The first information may indicate whether BDPCM is enabled for both a luma component and a chroma component of the current block.