A method of executing an application by a first terminal is provided. The first terminal executes an application with at least one external device connected to the first terminal, and the first terminal transmits, to a second terminal, information about the application and connection information regarding the at least one external device. The second terminal establishes a connection with respect to the at least one external device based on the connection information, and executes the application with the at least one external device connected to the second terminal based on the information about the application.