A multi-memory chip and data transfer method are capable of directly transferring data between internal memory devices. The multi-memory chip of the present invention includes a first memory device, a second memory device, and a data transmission bus that is shared by the memory devices. Furthermore, the second memory device includes a mode register set for setting an internal transfer mode. In accordance with the data transfer method according to the present invention, the transfer of data between the memory devices included in the multi-memory chip is performed through the data transmission bus shared by the memory devices. Accordingly, the multi-memory chip and the data transfer method can considerably improve data transfer rates between devices, as compared to conventional approaches in which data is transferred to the DMA controller of an external system.