A technique, performed by an electronic device, of managing a security key is provided. The electronic device may receive security information from each of at least one other electronic device, determine a master electronic device based on a security level of the electronic device and a security level of a security level of the at least one other electronic device, the security level of the at least one other electronic device being included in the received security information, generate a security key as the electronic device is determined as the master electronic device, and determine a portion to be removed from the security key for each security level of a plurality of electronic devices including the electronic device and the at least one other electronic device, and provide each partial security key from which the determined portion is omitted, to the at least one other electronic device.