A method and system for converging a 5th-generation (5G) communication system for supporting higher data rates beyond a 4th-generation (4G) system with a technology for Internet of Things (IoT) are provided. The present disclosure may be applied to intelligent services based on the 5G communication technology and the IoT-related technology, such as smart home, smart building, smart city, smart car, connected car, health care, digital education, smart retail, security and safety services. The method for transmitting and receiving a phase compensation reference signal (PCRS) to compensate for phase noise. The method may determine whether a first precoding is applied to a demodulation reference signal (DMRS) and the PCRS to be transmitted to a terminal. The base station may also generate the DMRS and the PCRS, based on whether the first precoding is applied to the DMRS and the PCRS, and transmit data, the DMRS, and the PCRS to the terminal.