A method and apparatus for transmitting/receiving a Channel Quality Indicator (CQI) in a communication system are provided. It is determined whether there is any uplink data to transmit, when a CQI transmission time arrives according to a predetermined CQI transmission period. If there is uplink data to transmit, a part of the uplink data is punctured to insert the CQI therein, and the inserted CQI is multiplexed with the uplink data before transmission. It is determined whether there is any uplink data to receive from a terminal, when a CQI reception time arrives according to a predetermined CQI transmission period. If there is uplink data to receive, the uplink data is received from the terminal, and the received uplink data is demultiplexed to extract the CQI.