There is provided a living body observing apparatus capable of reducing time period to be spent on observation of a subject in a living body. The living body observing apparatus of the invention includes: illumination means including one or a plurality of semiconductor light emitting elements for emitting illumination light to illuminate a subject; image pickup means for picking up an image of the subject illuminated by the illumination light emitted from the illumination means, and outputting the picked-up image as an image pickup signal; color separation means for separating the image of the subject into red, green, and blue components; and image processing means for performing a predetermined processing on the image pickup signal outputted from the image pickup means, and outputting the processed image pickup signal as a video signal to display the image of the subject on display means. The image processing means performs, as the predetermined processing, color conversion processing to convert the blue component in the image pickup signal into a green component in the video signal, and convert the green component in the image pickup signal into a red component in the video signal.