An image pickup apparatus which is capable of shooting a still image and a moving image and displaying an exposure parameter interlocking range. A light metering unit meters an object brightness. A camera microcomputer performs exposure control such that an exposure becomes equal to a target exposure determined based on a result of metering by the light metering unit. The camera microcomputer causes the image display section to display a first image representing the object brightness metered by the light metering unit and a second image representing an object brightness that can be set as the target exposure by the exposure control.