Cooperation system and method using a peer-to-peer (P2P) protocol are provided. A terminal performing a cooperation process through the P2P protocol, includes: a cooperation control unit including a cooperation relation list, requesting a different terminal or terminal group to cooperate with the terminal with reference to the cooperation relation list when a cooperation process is requested, restoring an application context transmitted from the different terminal or terminal group, extracts an application context of the terminal when receiving a cooperation request, and providing the application context of the terminal to the different terminal or terminal group; an application cooperation execution unit cooperating with the different terminal or terminal group for the application based on the application context restored by the cooperation control unit; and a P2P communication unit transmitting and receiving the application context in a P2P manner by accessing the different terminal or terminal group. Accordingly, it is possible to cooperate with more terminals or terminal groups and prevent disconnection of the cooperation process.