A photographing apparatus and method for dynamic range adjustment and stereography. The photographing apparatus includes a first imaging device for converting a light of a subject received through a first optical system into an electric signal; a second imaging device for converting a light of the subject received through a second optical system into an electric signal; a first image signal processor for generating an image signal for live view based on the electric signal output from the first imaging device before a photographing operation of a still image; an exposure controller for controlling an exposure so as to perform a step exposure in the second imaging device before the photographing of the still image; and an exposure calculator for calculating an exposure amount in the photographing operation of the still image based on the electric signal converted in the second imaging device obtained through the step exposure.