A method for managing a memory and an electronic device are provided. The method includes setting a list including an exclusive relationship, between a page unit memory allocation requester and a contiguous memory allocation requester, corresponding to a segment of a contiguous memory allocation region, receiving a memory allocation request, confirming whether the memory allocation requester comprises the memory allocation requester included in the list, and allocating a page of the contiguous memory allocation region corresponding to the segment, if the memory allocation requester is included in the list.