The disclosure relates to a 5th Generation (5G) or pre-5G communication system for supporting a higher data rate after a 4th Generation (4G) communication system such as long term evolution (LTE). The disclosure is for transmitting and receiving data and control information in a wireless communication system. A method of operating a terminal may include receiving from a base station an instruction for Limited Buffer Rate Matching (LBRM), obtaining at least one parameter required to perform the LBRM, determining a limited range of parity bits for the LBRM, based on the parameters, and transmitting or receiving data, based on the limited range.