An incubated state evaluating device includes an image reading unit, a feature value calculating unit, a frequency distribution calculating unit, and an evaluation information generating unit. The image reading unit reads a plurality of images in which a plurality of cells incubated in an incubation container are image-captured in time series. The feature value calculating unit obtains each of feature values representing morphological features of cells from the images for each of the cells included in the images. The frequency distribution calculating unit obtains each of frequency distributions of the feature values corresponding to the respective images. The evaluation information generating unit generates evaluation information evaluating an incubated state of cells in the incubation container based on a variation of the frequency distributions between images.