Disclosed is a multichip system and method of transferring data between memory chips in direct. The multichip system includes first and second memory chips, and a host system to control operations of the first and second memory chips. The first memory chip controls the second memory chip to transfer data to the second memory chip in response to local transfer information provided from the host system. The first memory chip controls the host system not to access the first and second memory chips while conducting a local transfer operation. According to the invention, since the data is able to be directly transferred between the memory chips without the host system, it enhances the efficiency of the multichip system and improves a data transfer speed.