A method and apparatus of sharing a bus key is provided, the method including receiving at a first device a device key, encrypted using an encryption key, from a storage device; decrypting the encrypted device key using a decryption key corresponding to the encryption key; creating a random number, and generating a bus key using the created random number and the decrypted device key, by which data to be transmitted through a bus can be encrypted using the bus key; and transmitting the generated bus key to a predetermined device connected to the first device via the bus.