An image pickup apparatus which is capable of easily generating a developed image file from image data obtained using the light field technique. A first recording mode in which data obtained from signals having different focuses is recorded as refocusable first data or a second recording mode in which data which is obtained by carrying out a development process on the data is recorded as non-refocusable second data is selected. During captured image review, at least one focus position in the image data is set as focus information. Based on the recording mode and the focus information, whether to generate a RAW image file or generate a developed image file is determined. When the RAW image file is to be generated and recorded in response to the determination, the focus information is added to the RAW image file.