An image processing method includes: determining chrominance information and luminance information of an input color image; iteratively solving one or more equations to obtain bases of the luminance and modulation weights of a plurality of basis element frames of the input color image based on the luminance information; determining bases of the chrominance of the basis element frames based on the modulation weights and the chrominance information; and converting the bases of the luminance and the bases of the chrominance of the basis element frames into an output image.