A method, performed by an image decoding apparatus, of decoding a motion vector, including obtaining information indicating a motion vector resolution of a current block from a bitstream; selecting a first neighboring block from among neighboring blocks adjacent to the current block, by using the obtained information indicating the motion vector resolution of the current block; based on the current block referring to a reference picture in a list 0, and the first neighboring block referring to the reference picture in the list 0, determining a prediction motion vector of the current block using a motion vector of the first neighboring block; based on the current block referring to the reference picture in the list 0 and the first neighboring block referring to a reference picture in a list 1, selecting a motion vector of a second neighboring block among the neighboring blocks as a basic motion vector, and determining the prediction motion vector of the current block using the determined basic motion vector; and determining a motion vector of the current block using the prediction motion vector of the current block.