An image pickup apparatus capable of creating various composite images easily, and also obtaining composite images such as would be obtained at different shutter speeds even after the frame images were picked up. Successive frame images of an object are picked up in a successive image-pickup mode at predetermined time intervals. The predetermined number of frame images obtained are then stored in time series in a buffer memory. Pointers indicating composition start and end positions slidable on a bar of a range selector specify therebetween a composition range in which some successive ones of the predetermined number of frame images fall on a composing picture. The respective frame images falling in the specified range are read from the buffer memory and processed, thereby producing a composite image. In this case, by changing the composition range with the range selector, a composite image such as would be obtained at a different shutter speed is displayed on a composite result display picture.