A method, medium, and system encoding and/or decoding an audio signal by extracting stereo parameters from an input signal, encoding the stereo parameters, and performing down-mixing on the input signal to a down-mixed signal, splitting the down-mixed signal into a low band signal and a high band signal, determining whether to encode the low band signal in a time domain or a frequency domain, if the low band signal is determined to be encoded in the time domain, encoding the low band signal in the time domain, if the low band signal is determined to be encoded in the frequency domain, generating an encoded bitplane by converting the low band signal from the time domain to the frequency domain by using a first conversion method and performing quantization and context-dependent encoding on the low band signal converted to the frequency domain by using the first conversion method, converting each of the low band signal and the high band signal from the time domain to the frequency domain or a time/frequency domain by using a second conversion method, generating and encoding bandwidth extension information that represents a characteristic of the high band signal converted by the second conversion method by using the low band signal converted by the second conversion method, and outputting the encoded stereo parameters, the encoded bitplane, and the encoded bandwidth extension information a result of encoding the input signal. Accordingly, high frequency components and stereo components may be efficiently encoded and decoded at a potential restricted bit rate, thereby improving the quality of an audio signal.