An image pickup apparatus, image processing apparatus and corresponding program and method are disclosed. In one example, a second captured image acquired from another apparatus is aligned with a first captured image. Image stabilization is carried out in response to a positional relation between the captured images. For example, when overlapping between the captured images is equal to or smaller than an image stabilization limitation threshold value, the image stabilization is stopped or a correction range is limited for at least one of the captured images. When the amount of overlapping is larger than the image stabilization limitation threshold value, the image stabilization for both of the captured images is carried out without limitation. The captured images are aligned with each other by using the captured image with limited image stabilization, or both captured images where stabilization is carried out without limitation, thereby producing a panoramic image.