This paper presents a novel method for performing the registration and gamma correction of images in a simultaneous manner. The image registration and relative gamma estimation problems are formulated such that both problems are solved at the same time by solving a single minimum squared distance problem. The proposed method utilizes the Fast Fourier Transform (FFT) to solve the combined registration and relative gamma estimation problem in an efficient manner. This method is invariant to gamma differences between images, making it suitable for registering images acquired under different exposure levels and illumination conditions. Experimental results demonstrate that high registration accuracy and high relative gamma estimation accuracy can be achieved using the proposed algorithm.