According to various embodiments of the disclosure, an electronic device may comprise: a first housing including a first insulating portion, a second housing including a second insulating portion adjacent to the first insulating portion, a hinge connecting the first housing and the second housing to be pivotable from a folded state to an unfolded state with respect to a pivot shaft, a hinge cover exposed to an outside and covering the hinge in the folded state and including a third insulating portion in at least a partial area thereof, a flexible display configured to be deformable in response to relative motion of the second housing with respect to the first housing, and an antenna structure including an antenna circuit board disposed in at least a partial area of the hinge and a plurality of antenna elements comprising at least one antenna forming an array on or in the antenna circuit board. In the unfolded state, the plurality of antenna elements may be disposed to overlap the first insulating portion and/or the second insulating portion, and in the folded state, the plurality of antenna elements may be disposed to overlap the third insulating portion of the hinge cover.