Provided is a fluorescence observation apparatus including: a fluorescence image acquisition section and a reference image acquisition section that acquire a fluorescence image and a reference image of a subject, respectively; a division image generation section that generates a division image by dividing an image based on the fluorescence image by an image based on the reference image; a display section that displays a corrected fluorescence image based on the division image; a correction processing section that applies correction processing to at least one of the reference image and the fluorescence image and/or to the division image prior to the generation of the division image or prior to the display of the corrected fluorescence image; an observation condition determination section that determines observation conditions of the subject; and a correction condition setting section that sets parameters regarding the correction processing according to the observation conditions.