A list managing method and apparatus that manage a list of content in a portable terminal having a touch screen according to multi-touch signals are disclosed. The method includes: detecting multi-touch signals input to a list on a touch screen; determining whether the multi-touch signals are input for a period of time equal to or greater than an activation time period; designating, if the multi-touch signals are input within the activation time period, the entire list with a selection area for altering a structure of a list; identifying a gesture generated by the multi-touch signals; expanding or contracting the structure of the entire list according to the gesture; and displaying the altered structure of the entire list on the touch screen.