An image encoding/decoding method and apparatus are provided, in which one of color component images forming an image is predicted from a different color component image using a correlation between the color component images. A first color component image selected from the color component images is encoded by intra prediction, and the other color component images are predicted using the reconstructed first color component image. Therefore, color distortion, which may occur when transforming an image color format to another color format, is prevented, thereby improving encoding efficiency.