A multi-chip package with reduced calibration time and an impedance control (ZQ) calibration method thereof are provided. A master chip of the multi-chip package performs a first ZQ calibration operation by using a ZQ resistor, and then, the other slave chips simultaneously perform second ZQ calibration operations with respect to data input/output (DQ) pads of the slave chips by using a termination resistance value of a DQ pad of the master chip on the basis of a one-to-one correspondence relationship with the DQ pad of the master chip. The multi-chip package completes ZQ calibration by performing two ZQ calibration operations, thereby decreasing a ZQ calibration time.