The present disclosure relates to a pre-5th-Generation (5G) or 5G communication system to be provided for supporting higher data rates Beyond 4th-Generation (4G) communication system such as Long Term Evolution (LTE). The present disclosure further relates to a method and apparatus for managing a security key in a communication system are provided. The method includes transmitting a first key request message including an identifier (ID) of an originating user equipment (UE) to a server through a mobility management entity (MME), receiving a key response message including security parameters and a secret key of the originating UE from the server, determining a security key based on the security parameters and the secret key of the originating UE by the originating UE, and communicating with a terminating UE based on the security key by the originating UE, while a connection between the originating UE and the terminating UE is maintained.