The present disclosure relates to a 5G communication system or a 6G communication system for supporting higher data rates beyond a 4G communication system such as long term evolution (LTE). Accordingly, embodiments herein disclose a system and method for handling resource allocation in wireless communication system. The method includes registering, by a UE, a first SIM among a plurality of SIMs with a first network entity in the wireless communication system and a second SIM among plurality of SIMs with a second network entity in wireless communication system. Further, the method includes configuring, by the UE, a RF resource with the first SIM for at least one of a downlink reception and uplink transmission. Further, the method includes determining, by the UE, whether second SIM needs RF resource. Further, the method includes performing, by the UE, provisioning of RF resource based on the determination.