A method for sharing an application between a first portable terminal and a second portable terminal includes the first portable terminal collecting application information if an application sharing event occurs, generating a marker including the application information, and displaying the marker; and the second portable terminal capturing an image of the marker including application information, recognizing the marker, extracting the application information from the marker, and installing an application corresponding to the application information from the marker. The first portable terminal includes a marker generating unit to generate the marker including the application information, and a display unit to display the marker. The second portable terminal includes a camera unit to capture an image of the marker, a marker recognizing unit to recognize the marker, a marker analyzing unit to extract the application information from the marker, and an application installing unit to install the application.