Provided is an apparatus and method of measuring a pulse wave. The method includes: causing receivers to respectively receive pulse wave signals that are detected at two points of an object, determining an effective pulse wave signal period by using the received pulse wave signals, and obtaining a pulse transit time (PTT) between the two points by using a result obtained after comparing a magnitude of an output signal of each of the receivers with a value that is less by a predetermined percentage than a peak value of an output signal of each of the receivers during the determined effective pulse wave signal period.