Provided is an image processing apparatus including as image acquiring section that acquires a plurality of images obtained by imaging, at different times, a subject irradiated with lights intensity-modulated with a plurality of modulation frequencies or modulation frequency bands; and a demodulating section that demodulates pixel values of the plurality of images with a plurality of demodulation frequencies or demodulation frequency bands based on the plurality of modulation frequencies or modulation frequency bands, for each pixel, thereby generating a plurality of pieces of pixel information indicating subject light amounts from the subject caused by each of the lights intensity-modulated with the plurality of modulation frequencies or modulation frequency bands, for each pixel.