A method and apparatus allocates an IP address between terminals in a wireless communication network in which terminals directly communicate with each other in a wireless scheme without an AP. The method for allocating an Internet Protocol (IP) address of a wireless terminal capable of performing P2P communication, includes a discovery step of discovering at least one external terminal capable of performing the P2P communication and connecting with the at least one discovered external terminal by the wireless terminal; and a negotiation step of negotiating and determining with the external terminal which external terminals become a group owner and a group client in a P2P group, respectively by the wireless terminal. One of the discovery step and the negotiation step includes transmitting an IP address to be allocated to the group client to the external terminal from the wireless terminal.