An operating method of a storage device including a plurality of memory chips and a connection including a network command queue and a virtual command queue includes receiving a plurality of commands from a host device using the connection, selecting a physical command queue allocated to the connection among a plurality of physical command queues corresponding to the plurality of memory chips, sequentially storing the plurality of commands in the network command queue and the virtual command queue, and transmitting a command throttling request to the host device in response to the plurality of commands based on a queue depth of the network command queue and adjusting a number of physical command queues allocated to the connection based on a queue depth of the virtual command queue.