An electronic device is provided that includes a first housing, a second housing coupled to the first housing in a movable manner, a flexible display disposed on the first housing and the second housing and having a structure that is changeable with a movement of the second housing, a camera module in which an optical magnification can be set, and a processor. The camera module includes a first camera holder connected to the first housing and including a first lens module disposed along a first optical axis, and a second camera holder connected to the second housing and including at least a second lens module disposed along the first optical axis. The second camera holder is movable along the first optical axis with respect to the first camera holder with the movement of the second housing.