A multi-tasking execution apparatus and a method for easily controlling applications running in a portable terminal are provided. The apparatus includes a display and a controller. The display displays an application-containing image in which at least one specific image representing at least one application running in a background is contained and arranged. The controller operatively displays at least one specific image representing at least one application running in the background, so as to be contained in the application-containing image, and controls the at least one application running in the background by controlling the specific image based on a specific gesture.