A method of playing back content based on digital rights management (DRM) between a portable storage and a device and a portable storage for the same are provided. The method of playing back content using a portable storage includes requesting the portable storage to transmit a right to play back content protected through digital rights management (DRM), receiving the right to play back the content protected through DRM from the portable storage, and informing the portable storage of completion of the playback when a playback of the content protected through DRM using the right is completed.