An apparatus for failure diagnosis and calibration of sensors for advanced driver assistance systems (ADAS) includes a measuring unit including two or more sensors mounted in a vehicle a storage for storing characteristic data of each of the two or more sensors, and a processor for selecting one of the two or more sensors as a reference sensor and for determining whether or not a failure of the other sensor to be diagnosed is detected and whether calibration thereof is required, on the basis of error covariance information of the reference sensor.