Disclosed is an apparatus and a method for improving the receive (Rx) sensitivity of a portable Radio Frequency IDentification (RFID). The portable RFID reader/writer is equipped with a variable phase shifter which is connected between an antenna and a directional coupler and then changes an impedance in the direction of the antenna in response to controlling a phase shift, a level of a reflection signal if a transmit (Tx) signal of the portable RFID reader/writer reflected by the antenna flows into an Rx path is measured, and then the phase shift of the variable phase shifter is controlled in such a manner as to minimize the measured level of the reflection signal. Therefore, calibration is implemented so that an antenna impedance changing in response to a position in which contact is made by a user's hand may have an adaptively optimal antenna reflection coefficient, thereby improving the Rx sensitivity.