Various embodiments provide an electronic device and method for determining the lifespan and failure of a nonvolatile memory storage device. The electronic device and the method according to various embodiments may be configured to determine whether the storage device has failed in response to a connection with the storage device, output a guidance message for replacing the storage device when the storage device fails, confirm whether the storage device has a function of autonomously identifying its state when the storage device is normal, check the lifespan of the storage device based on state information received from the storage device when the storage device has the function, estimate the lifespan of the storage device when the storage device does not have the function, and output the guidance message for replacing the storage device based on the lifespan.