An image pickup apparatus which makes it possible to obtain a suitable exposure value even if the brightness of the subject changes just before photography preparations and is capable of achieving both of acceleration of photography preparations and high precision exposure control. A ranging control section 42 carries out focus detection control on a subject image in a plurality of control modes. An exposure control section 40 repeatedly carries out feedback exposure control of the subject image so as to maintain proper brightness of an image obtained from an image pickup device 14. A system control circuit 50 controls the exposure control section 40 so as to carry out the feedback exposure control before execution of the focus detection control according to a selected one of the control modes of the raging control section.