Disclosed are a codebook-based signal transmission and reception method in a multi-antenna wireless communication system and an apparatus therefor. Specifically, a method for transmitting or receiving a signal on the basis of a codebook by a terminal in a two dimensional multi-antenna wireless communication system comprises the steps of: receiving a channel state information reference signal (CSI-RS) from an eNB through a multi-antenna port and reporting channel state information to the eNB, wherein the channel state information may include a precoding matrix indicator (PMI) for indicating a precoding matrix, the PMI may include a first PMI for selecting a set of precoding matrices from a codebook and a second PMI for determining one precoding matrix applied to two layers from the set of precoding matrices, and the precoding matrix may include a first precoding vector applied to a first layer and a second precoding vector applied to a second layer.