A method and apparatus for transmitting and receiving a signal in a Near Field Communication (NFC) system are provided, in which a multi-frame is configured and a signal is transmitted in the multi-frame to a reception terminal. The multi-frame includes a discovery region, a paging region, at least two scheduling regions for indicating a plurality of different scheduling algorithms, and a traffic slot region. A transmission terminal transmits a signal for searching for a neighbor terminal in the discovery region, transmits a paging signal in the paging region, transmits information for a scheduling algorithm that is predetermined by the transmission terminal and the reception terminal in each of the scheduling regions, and transmits a scheduled signal in the traffic slot region according to the predetermined scheduling algorithm.