An image processing apparatus for generating an image to display on a display configured so that a setting for maximum display luminance can be changed, obtains an image signal and the setting, generates the image to display by executing image processing including tone conversion on the obtained image signal, and sets a tone characteristic used in tone conversion based on the setting. The tone characteristic is for allocating a signal value of the image signal to a luminance range according to the setting, and shows a relationship in which a logarithmic value of the signal value of the image signal and an absolute luminance are roughly identical in at least a portion of the luminance range, independent of the setting.