Provided is an electronic device including at least one communication module comprising communication circuitry; and a processor, wherein the processor is configured to: establish a first communication connection with a first external device using the at least one communication module, receive a first signal from the first external device through the first communication connection, perform a first function of a first application corresponding to the first signal upon receiving the first signal from the first external device through the first communication connection, based on identifying that a second communication connection with a second external device using the at least one communication module is not established, and perform a second function of a second application related to the second external device corresponding to the first signal upon receiving the first signal from the first external device through the first communication connection, based on identifying that the second communication connection with the second external device using the at least one communication module is established.