An apparatus and method for calibrating an envelope tracking (ET) lookup table (LUT) are provided. An ET power management apparatus includes a power amplifier configured to amplify a radio frequency (RF) signal from a time-variant input power to a time-variant output power linearly related to the time-variant input power. A calibration circuit is employed to receive a time-variant output power feedback nonlinearly related to the time-variant input power, determine a linear relationship between the time-variant input power and the time-variant output power based on the time-variant output power feedback, and calibrate the ET LUT based on the determined linear relationship. As a result, it is possible to improve accuracy of the ET LUT to thereby improve operating efficiency and linearity of the power amplifier.