A method of transmitting and receiving a signal and an apparatus for transmitting and receiving a signal are provided. The method includes receiving the signal of a first frequency band, obtaining Layer-1 (L1) information from a preamble of a first time-frequency slicing (TFS) signal frame of the received signal, the layer-1 information including a radio frequency (RF) channel identifier of the first TFS signal frame including a physical layer pipe (PLP) in a super frame of TFS structure and including an identifier of a starting radio RF channel that can receive the PLP in the first TFS signal frame, parsing the first TFS signal frame using the L1 information and obtaining a PLP of the first TFS signal frame, and converting the PLP to a service stream.