A method and an electronic device for ranging are provided. An ultra-wideband (UWB) signal is received from an external device through a first antenna. A communication state between the external device and the electronic device is identified using information about communication quality included in the UWB signal. A signal received through a second antenna is identified by decoding the received signal based on the identified communication state. A distance between the electronic device and the external device is determined based on whether the received signal is a low frequency (LF) signal.