An apparatus and method for transmitting/receiving data in a mobile communication system using multiple antennas are provided. A receiver estimates a fading channel of received data, selects a weight set relative to a maximum data transmission rate from at least one weight set with elements of a plurality of orthogonal weight vectors, and transmits feedback information including the selected weight set and channel-by-channel state information to a transmitter. The transmitter demultiplexes data to be transmitted on a basis of the feedback information into at least one sub-data stream, multiplies each sub-data stream by an associated weight, and transmits the data.