An apparatus and method for measuring a delay. The apparatus for measuring a delay includes an overhead inserting unit configured to inserting a time stamp into an overhead of a multiframe to be transmitted from a first location to a second location; an overhead extracting unit configured to extract a time stamp from an overhead of a multiframe received from the second location, the time stamp including bypass delay information of the second location; and a delay measuring unit configured to measure a round trip delay between the first location and the second location using the inserted time stamp and the extracted time stamp and adjust the measured round trip delay using the extracted bypass delay information.