Disclosed is a luminance compensation apparatus of an organic light emitting diode panel including a reference pixel element unit that is installed at an outer peripheral portion of a display area on an organic light emitting diode panel and operate corresponding to a pixel element aligned in the display area, and a driving chip that is provided in an area including the reference pixel element unit of the outer peripheral portion of the display area, compares a luminance value of light incident from the reference pixel element unit with a reference luminance value to calculate a luminance deviation value based on a comparison result, controls driving of pixel elements aligned in the display area according to the luminance deviation value, and allows light, luminance deviation of which has been compensated, to be irradiated.