A method for managing a wireless connection of an electronic device, and apparatus for supporting same are provided. The electronic device may comprise a communication circuit, at least one processor, and a memory. The at least one processor is configured to: based on detection of a first event associated with an external device, identify first information relating to Bluetooth usage of the electronic device and second information relating to a wireless network resource state; determine a number of connectable devices, based on the first information and the second information; identify state information of one or more external devices registered in the electronic device; determine a priority of the one or more external devices, based on the state information; determine at least one external device, from among the one or more external devices, as a device to be connected, based on the number of connectable devices and the priority; and control the communication circuit to connect a channel with the at least one external device determined as the device to be connected.