A method, performed by a terminal, of processing an image, the method comprising: receiving a plurality of circular images obtained by photographing a target space through at least one fisheye lens, and metadata including lens shading compensation information comprising coefficients of a polynomial function for each of RGB (red green blue) colors of the plurality of circular images and a number of the coefficients of the polynomial function; determining lens shading compensation values for the RGB colors of a plurality of regions of the plurality of circular images, identified by a distance of each of the plurality of regions from a center of an image of the plurality of circular images based on the lens shading compensation information; performing color correction of the each of the plurality of regions of the plurality of the circular images based on determined lens shading compensation values; rendering the plurality of corrected circular images to provide a virtual reality image for the target space; and outputting the VR image, wherein the polynomial function represents relation between the lens shading compensation values for the RGB colors of the plurality of regions of the plurality of circular images and the distance of the each of the plurality of regions from the center of the image of the plurality of circular images, and wherein the polynomial function is f R = α R0 + α R1 x + α R2 x 2... + α Rn x n, f G = α G0 + α G1 x + α G2 x 2... + α Gn x n and f B = α B0 + α B1 x + α B2 x 2... + α Bn x n, where f R, f G and f B are lens shading compensation values for the respective RGB colors, n is the number of the coefficients, α is a coefficient and x is the distance of the each of the plurality of regions from the center of the image. receiving a plurality of circular images obtained by photographing a target space through at least one fisheye lens, and metadata including lens shading compensation information comprising coefficients of a polynomial function for each of RGB (red green blue) colors of the plurality of circular images and a number of the coefficients of the polynomial function; determining lens shading compensation values for the RGB colors of a plurality of regions of the plurality of circular images, identified by a distance of each of the plurality of regions from a center of an image of the plurality of circular images based on the lens shading compensation information; performing color correction of the each of the plurality of regions of the plurality of the circular images based on determined lens shading compensation values; rendering the plurality of corrected circular images to provide a virtual reality image for the target space; and outputting the VR image, wherein the polynomial function represents relation between the lens shading compensation values for the RGB colors of the plurality of regions of the plurality of circular images and the distance of the each of the plurality of regions from the center of the image of the plurality of circular images, and wherein the polynomial function is f R = α R0 + α R1 x + α R2 x 2... + α Rn x n, f G = α G0 + α G1 x + α G2 x 2... + α Gn x n and f B = α B0 + α B1 x + α B2 x 2... + α Bn x n, where f R, f G and f B are lens shading compensation values for the respective RGB colors, n is the number of the coefficients, α is a coefficient and x is the distance of the each of the plurality of regions from the center of the image.