A luminance compensation method for a display device includes measuring a luminance of each of white grayscale values, measuring an actual luminance value for each of colors, determining a target luminance value for each of the colors based on the luminance of each of the white grayscale values and a luminance contribution ratio of each of the colors, determining a luminance compensation amount for each of the colors based on the target luminance value and the actual luminance value, and compensating for input image data for each of the colors based on the luminance compensation amount.