A cooling and heating apparatus for a vehicle cup holder is provided that has an improved performance for cooling and heating a drink by directly cooling or heating the drink in the cup. The apparatus includes a cup having a thermoelectric module and a first electroconductive part on an outer surface thereof and a cup holder that has a heat dissipating member and a second electroconductive part. Additionally, a controller is connected to the thermoelectric module to realize an electrical closed circuit and is configured to adjust an amount of an electric current applied to the thermoelectric module based on a desired temperature to heat or cool a drink in the cup.