A method and an apparatus for transmitting content in a portable terminal are provided. The method includes searching for devices, to each of which content is to be transmitted, by a first communication module, and displaying information indicating devices discovered as a result of the search; determining, when a particular portable terminal to which the content is to be transmitted is selected among the displayed information, whether the selected particular portable terminal is currently performing a communication connection with another portable terminal; requesting and receiving, through a second communication module, in response to determining that the particular portable terminal is currently performing the communication connection with the another portable terminal, an address of a device matched to a selected transmission method; and making a communication connection with the particular portable terminal; transmitting the content to the particular portable terminal, through a third communication module matched to the selected transmission method.