An electronic device capable of transmitting and receiving wireless power is provided. The electronic device includes a wireless power transfer (WPT) coil, a sensor coil surrounding the WPT coil, and a processor operatively coupled to the WPT coil and the sensor coil. The processor may be configured to control to transmit and receive power by using the WPT coil, perform a ping operation by using the sensor coil, control to measure a waveform of a current or voltage of the sensor coil while or after performing the ping operation using the sensor coil, control to check a Q factor of the sensor coil based on the measured waveform, identify the presence of a foreign object based on the checked Q factor, and control the power transmission using the WPT coil based on a result of the determination of the presence of the foreign object.