A vehicle periphery monitoring system comprising: a bird's-eye view image generation section generating bird's-eye view image segments from multiple photographed images photographed to be partially overlapped in a vehicle circumference direction; a boundary indicator addition section adding, to an overlapped area of the bird's-eye view image segments, a boundary indicator indicating a boundary line which separates the bird's-eye view image segments from each other; a boundary-added bird's-eye view image generation section generating a boundary-added bird's-eye view image including the overlapped area to which the boundary indicator has been added, without effecting merging of the bird's-eye view image segments, a merger section generating a merged overlapped image by merging mutually overlapped areas of the bird's-eye view image segments according to a transformation table generated upon system startup; a displaying bird's-eye view image generation section generating both the boundary-added bird's-eye view image having the boundary indicator and a merged bird's-eye view image having the merged overlapped image, as a displaying bird's-eye view image; a displaying section displaying the displaying bird's-eye view image; and a displaying image determination section displaying the merged bird's-eye view image in the displaying section after displaying the boundary-added bird's-eye view image therein and completing generation of the merged overlapped image, wherein the merged bird's-eye view image is added with a boundary indicator, and the boundary indicator added to the merged bird's-eye view image is semitransparent. a bird's-eye view image generation section generating bird's-eye view image segments from multiple photographed images photographed to be partially overlapped in a vehicle circumference direction; a boundary indicator addition section adding, to an overlapped area of the bird's-eye view image segments, a boundary indicator indicating a boundary line which separates the bird's-eye view image segments from each other; a boundary-added bird's-eye view image generation section generating a boundary-added bird's-eye view image including the overlapped area to which the boundary indicator has been added, without effecting merging of the bird's-eye view image segments, a merger section generating a merged overlapped image by merging mutually overlapped areas of the bird's-eye view image segments according to a transformation table generated upon system startup; a displaying bird's-eye view image generation section generating both the boundary-added bird's-eye view image having the boundary indicator and a merged bird's-eye view image having the merged overlapped image, as a displaying bird's-eye view image; a displaying section displaying the displaying bird's-eye view image; and a displaying image determination section displaying the merged bird's-eye view image in the displaying section after displaying the boundary-added bird's-eye view image therein and completing generation of the merged overlapped image, wherein the merged bird's-eye view image is added with a boundary indicator, and the boundary indicator added to the merged bird's-eye view image is semitransparent.