A method and an apparatus for processing a contact list in a portable terminal are provided. A method of processing contact information of a portable terminal includes analyzing a schedule by analyzing contact information included in schedule information, re-arranging a subscriber display point of the contact list according to contact information included in the schedule information and displaying the contact list, and forming a communication link with a subscriber selected in the contact list and executing a contact. A schedule check and management operation of the portable terminal can be conveniently processed by only executing the contact application in which subscriber information is displayed with a list.