An FFT/IFFT apparatus and method are provided. The FFT/IFFT apparatus includes a storage unit, a first FFT/IFFT unit, a second FFT/IFFT unit, and a third FFT/IFFT unit. The storage unit has as many addresses as the number of bits of input data. The first FFT/IFFT unit sequentially stores half of the input data in the storage unit, performs a first-point FFT/IFFT operation while sequentially receiving the other half of the input data, and stores the first-point FFT/IFFT operation result in the storage unit. The second FFT/IFFT unit performs a second-point FFT/IFFT operation on the first-point FFT/IFFTed data, and stores the second-point FFT/IFFT operation result in the storage unit. The third FFT/IFFT unit performs a third-point FFT/IFFT operation on the second-point FFT/IFFTed data, and stores the third-point FFT/IFFT operation result in the storage unit.