An electronic device is provided. The electronic device includes first and second housings, a memory, an application processor, a communication processor, a Radio Frequency Integrated Circuit (RFIC) connected with the communication processor, and a plurality of antennas each connected with the RFIC through a Radio Frequency Front-End (RFFE) circuit. The communication processor may identify a change in an antenna-related setting for the plurality of antennas, identify frequency band information about a signal being communicated through at least one antenna among the plurality of antennas, in response to the change in the antenna-related setting, identify folding state information between the first housing and the second housing received from the application processor, identify, from the memory, a transmission power-related setting value set corresponding to the identified frequency band information, the folding state information, and an event related to the communication processor, and adjust a power of a transmission signal.