There is provided a substrate processing method including: supplying a developing liquid to a surface of an exposed substrate to form a resist pattern; supplying a cleaning liquid to the surface of the substrate to remove a residue generated in the developing step from the substrate; supplying a replacing liquid to the surface of the substrate to replace the cleaning liquid existing on the substrate with the replacing liquid, the replacing liquid having a surface tension of 50 mN/m or less and containing a percolation inhibitor for restraining the replacing liquid from percolating into a resist wall portion constituting the resist pattern; and forming a dry region by supplying a gas to a central portion of the substrate while rotating the substrate so as to dry the surface of the substrate by expanding the dry region to a peripheral edge portion of the substrate with a centrifugal force.