An apparatus for estimating a blood component level, such as a blood neutral fat level or blood sugar level, is provided. The apparatus may include: a light source configured to emit a light toward a skin; a spectrometer configured to spectrally disperse the light reflected from the skin; a detector configured to detect a spectrum of the spectrally dispersed light to extract spectrum data for each wavelength; and a controller configured to apply the extracted spectrum data and a reference blood component level corresponding to the spectrum data to a first level estimation model to estimate a target blood component level