An electronic device is provided. The electronic device includes a battery, at least one coil, a wireless power transmission/reception circuit electrically coupled to the at least one coil, a charging circuit electrically coupled between the wireless power transmission/reception circuit and the battery, and a processor. The processor may be configured to detect an external electronic device capable of wireless power transmission by using the wireless power transmission/reception circuit), identify a magnitude of power to be received at the external electronic device, control the wireless power transmission/reception circuit to output a first control error packet (CEP) signal having a first power magnitude which is fixed, based on the magnitude of the power being less than a specified power magnitude, and control the wireless power transmission/reception circuit to output a second CEP signal having a variable power magnitude based on the first power magnitude and a second power magnitude, based on the magnitude of the power being equal to or greater than the specified power magnitude.