In a method of operating a storage device, temperature information is received from a temperature sensor. At least one power control signal and at least one performance control signal are alternately output based on the temperature information. A first temperature control operation and a second temperature control operation are alternately performed based on the at least one power control signal and the at least one performance control signal. The first temperature control operation is performed to control cooling performance of a thermoelectric element included in the storage device based on the at least one power control signal. The second temperature control operation is performed to control a throttling of operating performance of the storage device based on the at least one performance control signal.