Provided are an apparatus and method for managing identity information. The apparatus includes a contract detail manager managing details of an identity information sharing contract made between a user and an identity provider (IdP) wanting to provide identity information about the user, and details of an identity information sharing contract made between the user and an identity consumer (IdC) wanting to be provided with the identity information about the user, an IdP selector selecting an IdP capable of providing the identity information about the user based on the details of the sharing contract when a request for the identity information about the user is input from the IdC, and an information provider obtaining information according to the identity information request from the selected IdP, and providing the obtained information to the IdC. The apparatus and method can solve a problem that all of a user's identity information is provided to an IdC according to the user's comprehensive agreement.