Provided is a fluorescence observation apparatus including a light source a section generating a fluorescence image of an object a section generating a reference image of the object a section generating a corrected image in which emphasized are pixels of the reference image corresponding to pixels each having luminance value equal to or more than a first threshold value in the fluorescence image a display unit displaying the reference image or the corrected image a bleeding state determining section determining whether or not a bleeding region of the subject detected based on the reference image is more than a predetermined range and a section switching between displaying the reference image on the display unit if the determining section determines that the region is not more than the range, and displaying the corrected on the image display if the determining section determines that the region is more than the range.
