A method and an apparatus for performing transmission power selection of a wireless access device and channel allocation in a combination manner, for resource management optimized for a wireless network environment supporting multimedia traffic are provided. In a method for managing a radio resource of at least one Access Point (AP) in a wireless communication network, a transmission power select operation for the AP is performed on each of a plurality of channel settings, and a network performance value is predicted. Optimized channel setting is selected among the plurality of channel settings depending on the predicted network performance value. The optimized channel setting and optimized transmission power corresponding to the optimized channel setting are allocated to the AP.