A method for performing authentication in a portable electronic device is provided. The method includes identifying whether a peripheral electronic device is located within a certain distance from the portable electronic device, receiving biometrics information from the peripheral electronic device when the peripheral electronic device is located within the certain distance from the portable electronic device, identifying whether the biometrics information received from the peripheral electronic device is identical to biometrics information stored in the portable electronic device, and releasing security set to the portable electronic device when the biometrics information received from the peripheral electronic device is identical to the biometrics information stored in the portable electronic device.