An image processing apparatus includes: a conversion section converting a moving object image being an image in a region corresponding to a moving object included in a reference image and other images constituting images generated under different exposure conditions. The image processing apparatus also includes a substitution section substituting the generated exposure level converted moving object image with a region corresponding to an exposure level converted moving object image of each of the other images corresponding to an exposure level as a reference exposure level at the time of generating the exposure level converted moving object image to generate a substitute image for each of the other images. A combination section combines the substitute image and the reference image to generate a combined image.