An apparatus and method for allocating a channel and power by a Base Station (BS) in a communication system are provided. The method includes, performing one of a first scheduling, which uses inter-cell cooperation information received from at least one neighboring BS and a data rate received from each User Equipment (UE), and a second scheduling, which uses both an average data rate for each subchannel computed by accumulating the data rates for a preset time period and the inter-cell cooperation information, selecting a UE to be allocated each subchannel in each subframe based on results of the performed scheduling, computing a power metric for each of the selected UE and a non-selected UE by using the inter-cell cooperation information, the average data rate, an amount of performance change of the selected UE, and the results of the performed scheduling; and allocating power to all UEs including the selected UE and the non-selected UE by preset subframe periods by using the computed power metric.