Provided herein may be a memory system and a method of operating the same. The method of operating a memory system may include receiving a first program command, and performing an operation corresponding to the first program command, receiving a second program command while performing the operation corresponding to the first program command, delaying setting of a queue status register for the second program command by a first wait time, receiving a third read command before the first wait time elapses, and setting the queue status register for the third read command before setting the queue status register for the second program command.