Techniques for illumination-guided example-based stylization of 3D renderings are described. In implementations, a source image and a target image are obtained, where each image includes a multi-channel image having at least a style channel and multiple light path expression (LPE) channels having light propagation information. Then, the style channel of the target image is synthesized to mimic a stylization of individual illumination effects from the style channel of the source image. As part of the synthesizing, the light propagation information is applied as guidance for synthesis of the style channel of the target image. Based on the guidance, the stylization of individual illumination effects from the style channel of the source image is transferred to the style channel of the target image. Based on the transfer, the style channel of the target image is then generated for display of the target image via a display device.