A portable terminal and a method for discovering wirelessly connectable devices are provided. The method includes requesting discovery of wirelessly connectable devices, discovering peripheral devices that are wirelessly connectable in at least one of a plurality of wireless communication schemes supported by the portable terminal, and displaying a list of the discovered devices. The method may discover and display peripheral devices capable of establishing a wireless communication connection in at least one of various wireless communication schemes supported by the portable terminal at one time to improve the convenience for a user. In addition, the method may display connectable wireless communication schemes together with a list of discovered devices to more easily establish a wireless communication connection in a desired scheme of the user.