An image reading apparatus which is capable of preventing images read from a double-sided original from suffering an in-surface color irregularity on each of images read from the respective opposite sides of a double-sided original and a color difference between the front and reverse. A CCD line sensor reads a front-side original image. An image processing ASIC calculates shading correction data for performing shading correction on original image data read from the original image by the CCD line sensor, based on read luminance values obtained by the CCD line sensor by reading a plurality of halftone gradation patches thereon on a correction chart. The shading correction data calculated by the image processing ASIC is corrected based on read luminance values associated, respectively, with at least two of the gradation patches.