A method and apparatus for allocating resources of a Visible Light Communication (VLC) terminal in a VLC system. The VLC terminal receives a beacon message from a base station, coordinates time synchronization with the base station, searches for an available wavelength channel, constructs available wavelength channel information, and transmits an initial access request using a basic time slot channel and a basic wavelength channel. The base station considers the available wavelength channel information and a current channel allocation condition, allocates an appropriate channel, and transmits channel allocation information to the VLC terminal. The VLC terminal and the base station communicate data with each other using an allocated time slot channel included in the channel allocation information and an allocated wavelength channel included in the channel allocation information.