A method and electronic device for communicating audio signals with an audio input/output device is provided. The electronic device includes a USB type connection port, an audio processor configured to support conversion between a digital signal and an analog signal, and at least one processor configured to detect a connection of a peripheral device via the connection port, identify a type of the peripheral device, establish a first signal path for communicating the digital signal with the peripheral device through a first pin and/or a second pin included in the connection port based on whether the peripheral device supports a first mode, or establish a second signal path for communicating the analog signal with the peripheral device through the first pin and/or the second pin included in the connection port based on whether the peripheral device supports a second mode and whether a predetermined condition is satisfied.