Electronic device and method for utilizing memory space thereof

In various embodiments, an electronic device may include a display, a memory including a first space storing no data and a second space storing data, and a processor. The processor may be configured to control the electronic device to: receive an input for inputting a setting value for a fast data storage mode of the memory, to allocate a predetermined size of a free space of a file system of the electronic device as a temporary memory space for the fast data storage mode based on the setting value for the fast data storage mode, to control the memory to allocate a predetermined size of the first space as a borrowed space for the fast data storage mode corresponding to the size of the temporary memory space, to recognize occurrence of an event for starting data storage through the fast data storage mode, and to control the memory to perform the data storage using the borrowed space through the fast data storage mode in response to the occurrence of the event.