An uplink (UL) power control apparatus and method in a broadband wireless communication system are provided. The Mobile Station (MS) includes a power controller for calculating a power compensation value using a last transmit power in a previous closed loop power control when a power control mode is changed to an open loop power control, and determining a transmit power according to the open loop power control using the power compensation value; and a transmitter for adjusting and transmitting the transmit power of a UL signal under control of the power controller.