A method and apparatus for transmitting a training sequence code of a transmitting apparatus with a plurality of transmitting antennas in a communication system are provided. A transmitting apparatus allocates a plurality of time slots for the plurality of transmitting antennas to be divided into at least one frame, and sends a training sequence code with reference power for any one of the transmitting antennas, and sends remaining training sequence codes for remainders of the transmitting antennas with transmission power from zero to the reference power, in any one of the time slots. A receiving apparatus receives a plurality of training sequence codes for a plurality of transmitting antennas through any one of the plurality of receiving antennas from a transmitting apparatus, and selects one of the training sequence codes having the greatest reception power to estimate a channel. This may improve a channel estimation performance in a communication system.