The present technology relates to a reproduction device, a reproduction method, and a recording medium, which are capable of displaying closed captions having a wide dynamic range of luminance at appropriate brightness. HDR closed captions serving as closed captions of a second luminance range that is different from and larger than a first luminance range, tone_mapping_info including HDR information indicating characteristics of luminance of the HDR closed captions, and tone_mapping_info serving as tone mapping definition information used when luminance conversion from the HDR closed captions to STD closed captions serving as closed captions of the first luminance range are recorded on an optical disc. The present technology can be applied to a recording medium on which closed captions are recorded.

In a format in which a graphic is transmitted to a display apparatus after being combined with a content video, luminance of the graphic is fluctuated by dynamic metadata control. A video content medium relating to technology disclosed in the description of the present application is a video content medium on which one or more video streams, control information, and graphic information including a menu or a subtitle are recorded, wherein at least one of the video streams is a video having a wide luminance range, and graphic transition time information indicating a transition time to switch between luminance range adjustment functions when a graphic is combined is stored together.