The present technology relates to a signal processing apparatus, a signal processing method, and a program by which, in reproducing transmitted encoded data in real time, buffer overflow can be prevented from occurring on a reception apparatus side even if it is transmitted with a compression rate of the encoded data being varied in a manner that depends on communication condition. Encoded data including transmitted audio data is buffered by a reception buffer. At this time, the quantity of encoded data buffered by the reception buffer is managed in units of processing according to an encoding method. The present technology is applicable to a real-time content reproduction system utilizing a communication system.