An information storage medium storing management information of an application executable from a plurality of information storage media, and a method and apparatus for executing the application based on the management information are provided. The method includes: if a new information storage medium is inserted into a reproducing apparatus during the execution of the application, reading information on an identifier of the new information storage medium; and determining whether to continuously execute the application based on the information and continuously executing the application according to a result obtained by the determination. The information on the identifier of the new information storage medium may be included in the application or in an application management table (AMT) of the information storage medium. A life cycle of a disc unbound application is managed so as to use an application that can be shared by different information storage media.