Image processing apparatus, control method for image processing apparatus, and storage medium having correction of effect of virtual light source

An image processing apparatus that causes an effect of emission of virtual light to be applied in a captured image includes an acquisition unit, a determination unit, and a correction unit. The acquisition unit is configured to acquire ambient light distribution information in the captured image. The determination unit is configured, based on the ambient light distribution information acquired by the acquisition unit, to determine a color characteristic of a virtual light source that is a light source of the virtual light. The correction unit is configured, based on the color characteristic of the virtual light source determined by the determination unit, to make a correction by which the effect of the virtual light is applied in a partial area of the captured image.