A retracting and dissecting apparatus designed to allow easy and safe retraction during a surgical operation. The apparatus comprises first and second dissecting members provided at one end thereof with grips, at the other end thereof with first and second plate-shaped dissecting portions, and at the center thereof with fastening holes, respectively, a fastening member to join the fastening holes of the first and second dissecting members to each other such that the first and second dissecting members can rotate in a predetermined range, and a position holding member between the center of the first and second dissecting members and the grips of the first and second dissecting members to hold the first and second dissecting members. The dissecting portions have plate shapes, preventing the dissected portion of the patient from being damaged, and ensuring a more safe dissection. Minimal incision penile augmentation using the retracting and dissecting apparatus utilizes a small incision thereby reducing suturing time, operation time, and side effects.