A method of transferring a profile by an electronic device and an electronic device supporting the same are provided. The electronic device includes a secure memory that installs and deletes at least one profile, a profile manager module that performs an authentication procedure about a target electronic device based on device information of the target electronic device and profile information of a target profile, when a profile transfer event about a target profile of the at least one profile installed on the secure memory occurs, and a communication interface that transfers the target profile based on an authentication result about the target electronic device.