A method and electronic device for extracting incoming/outgoing information and managing contacts are provided. The method includes determining whether a communicating electronic device which has been or is in communication with the electronic device is included as a contact in a first contact list; extracting incoming/outgoing information based on at least one of metadata and contents of the communication with the communicating electronic device when the communicating electronic device is not included as a contact in the first contact list; and displaying the extracted incoming/outgoing information on a touchscreen of the electronic device.