A depth estimation apparatus and method are provided. The depth estimation method includes grouping a plurality of frame signals generated by a depth pixel into a plurality of frame signal groups which are used to estimate a depth to an object without a depth estimation error caused by an omission of a frame signal, the grouping of the a plurality of frame signals based on whether an omitted frame signal exists in the plurality of frame signals and based on a continuous pattern of the plurality of frame signals; and estimating the depth to the object using each of the plurality of frame signal groups.