An image processing apparatus comprising: an image processing section operable to input a RAW image corresponding to an output image of an imaging device and perform image processing on the input RAW image, wherein the image processing section includes: a demosaicing process section adapted to generate RGB images having all pixels set to respective colors of RGB by demosaicing the RAW image; a white-balancing process execution section adapted to white-balance the respective RGB images generated by the demosaicing process section; and a pixel value estimation section adapted to perform a G pixel value estimation process in a saturated pixel region of the G image resulting after the white-balancing process, and the pixel value estimation section is adapted to perform the pixel value estimation process by using pixel values of the R and B images resulting after the white-balancing process at the same pixel position as the G pixel subject to pixel value estimation, wherein the pixel value estimation section is adapted to calculate GR_ratio(x,y), the ratio of a G pixel value to an R pixel value, and GB_ratio(x,y), the ratio of the G pixel value to a B pixel value, for a pixel position (x,y) in a valid pixel region other than a saturated pixel region of the G image resulting after the white-balancing process, and the pixel value estimation section is adapted to calculate the pixel value G(x,y) of the pixel position (x,y) in the saturated pixel region of the G image resulting after the white-balancing process in accordance with the following formula: G x y = max G x y, GR _ ratio × R x y + GB _ ratio × G x y / 2.0 where max(a,b) is the process of selecting the maximum value from a and b and wherein the pixel value estimation section is adapted to select a valid pixel position of the G image used for calculation of the pixel value ratios GR_ratio and GB_ratio from the valid pixel region in proximity to the pixel position subject to the G pixel value estimation. an image processing section operable to input a RAW image corresponding to an output image of an imaging device and perform image processing on the input RAW image, wherein the image processing section includes: a demosaicing process section adapted to generate RGB images having all pixels set to respective colors of RGB by demosaicing the RAW image; a white-balancing process execution section adapted to white-balance the respective RGB images generated by the demosaicing process section; and a pixel value estimation section adapted to perform a G pixel value estimation process in a saturated pixel region of the G image resulting after the white-balancing process, and the pixel value estimation section is adapted to perform the pixel value estimation process by using pixel values of the R and B images resulting after the white-balancing process at the same pixel position as the G pixel subject to pixel value estimation, wherein the pixel value estimation section is adapted to calculate GR_ratio(x,y), the ratio of a G pixel value to an R pixel value, and GB_ratio(x,y), the ratio of the G pixel value to a B pixel value, for a pixel position (x,y) in a valid pixel region other than a saturated pixel region of the G image resulting after the white-balancing process, and the pixel value estimation section is adapted to calculate the pixel value G(x,y) of the pixel position (x,y) in the saturated pixel region of the G image resulting after the white-balancing process in accordance with the following formula: G x y = max G x y, GR _ ratio × R x y + GB _ ratio × G x y / 2.0 where max(a,b) is the process of selecting the maximum value from a and b and wherein the pixel value estimation section is adapted to select a valid pixel position of the G image used for calculation of the pixel value ratios GR_ratio and GB_ratio from the valid pixel region in proximity to the pixel position subject to the G pixel value estimation.