A fundus observation apparatus according to an embodiment comprises: a photographing part that photographs the fundus of a subject eye; a forming part comprising an optical system that irradiates signal light onto the fundus and interferes reflected light of the signal light from the fundus with reference light via a reference path and detects the resulting interference light, wherein the forming part forms a tomographic image of the fundus based on the detection result; and an analyzing part that analyzes a photographed image of the fundus from the photographing part to delete predetermined low-frequency components from the photographed image.