An image pickup apparatus capable of properly performing white balance control on an image. A photographed image is divided into areas and a color evaluation value is acquired from each area. Infrared light is detected from each of areas of an object defined in association with the areas of the image. White balance correction is performed on the image using a mixed WB correction value calculated by mixing a first WB correction value calculated using the color evaluation values included in a white detection range set in a color space and a second WB correction value calculated using the color evaluation values acquired from areas each having an infrared light amount larger than a predetermined amount and included in a detection range of a predetermined color other than white, set in the color space.