diff --git a/README.md b/README.md
index eee5dea..67dfaf0 100644
--- a/README.md
+++ b/README.md
@@ -8,9 +8,9 @@ This repository is in bootstrap phase.
 
 - FastAPI application entrypoint is available.
 - Token-based authentication and role checks are implemented.
-- Portfolio API contracts are defined.
+- Portfolio and user management API contracts are implemented.
 - Core portfolio domain services are ported from `jsbot-kis`.
-- Postgres repository scaffolding is implemented and gated behind `PORTFOLIOHUB_DB_ENABLED=true`.
+- Postgres-backed portfolio and user persistence is implemented and gated behind `PORTFOLIOHUB_DB_ENABLED=true`.
 
 ## Configuration
 
@@ -60,6 +60,11 @@ The repository now includes a `portfoliohub` CLI that mirrors the main portfolio
 
 ```bash
 portfoliohub --help
+portfoliohub user list
+portfoliohub user create --username alice --email alice@example.com --force
+portfoliohub user get <user-id>
+portfoliohub user update <user-id> --username alice-updated --force
+portfoliohub user delete <user-id> --force
 portfoliohub portfolio list
 portfoliohub portfolio status 005930:tv --recent 10
 portfoliohub portfolio create 005930:tv --symbol 005930 --cash-balance 10000000 --force
@@ -75,6 +80,11 @@ Supported commands:
 
 - `init-db`
 - `migrate-db`
+- `user list`
+- `user get`
+- `user create`
+- `user update`
+- `user delete`
 - `portfolio list`
 - `portfolio status`
 - `portfolio create`
@@ -148,12 +158,32 @@ PortfolioHub currently supports bearer tokens with three permission levels.
 
 - `read`: list and status endpoints
 - `trade-write`: mutation endpoints such as buy, sell, invest, transfer, reset
-- `admin`: delete and future operational actions
+- `admin`: delete, user management, and future operational actions
+
+## User management
+
+User management is exposed through both HTTP API and CLI.
+
+- API base route: `/users`
+- Permission: `admin` only
+- Supported operations: list, get, create, update, delete
+
+Example API calls:
+
+```bash
+curl -X GET "http://localhost:8000/users" \
+	-H "Authorization: Bearer <ADMIN_TOKEN>"
+
+curl -X POST "http://localhost:8000/users" \
+	-H "Authorization: Bearer <ADMIN_TOKEN>" \
+	-H "Content-Type: application/json" \
+	-d '{"username": "alice", "email": "alice@example.com"}'
+```
 
 The default `.env.example` includes example tokens for development.
 
 ## Planned next steps
 
-1. Implement Postgres/Timescale repository.
-2. Port domain logic from `jsbot-kis` services.
-3. Add integration tests for full portfolio flows.
+1. Apply and verify Alembic migrations against a real PostgreSQL/Timescale instance.
+2. Add integration tests for DB-backed portfolio and user flows.
+3. Design token-to-user mapping if ownership or user-scoped authorization is needed later.
diff --git a/app/api/users.py b/app/api/users.py
new file mode 100644
index 0000000..d7baf08
--- /dev/null
+++ b/app/api/users.py
@@ -0,0 +1,75 @@
+"""User management API routes."""
+
+from __future__ import annotations
+
+from typing import NoReturn
+
+from fastapi import APIRouter, Depends, HTTPException, Response, status
+
+from app.core.auth import require_admin
+from app.domain.models import User
+from app.schemas.user import CreateUserRequest, UpdateUserRequest, UserResponse
+from app.services.user_service import UserService, get_user_service
+
+router = APIRouter(prefix="/users", tags=["users"])
+
+
+def _to_user_response(user: User) -> UserResponse:
+    return UserResponse(
+        id=user.id,
+        username=user.username,
+        email=user.email,
+        created_at=user.created_at,
+        updated_at=user.updated_at,
+    )
+
+
+def _raise_user_error(exc: ValueError) -> NoReturn:
+    detail = str(exc)
+    if "찾을 수 없습니다" in detail:
+        raise HTTPException(status_code=status.HTTP_404_NOT_FOUND, detail=detail) from exc
+    if "이미 존재" in detail:
+        raise HTTPException(status_code=status.HTTP_409_CONFLICT, detail=detail) from exc
+    raise HTTPException(status_code=status.HTTP_400_BAD_REQUEST, detail=detail) from exc
+
+
+@router.get("", response_model=list[UserResponse], dependencies=[Depends(require_admin)])
+def list_users(service: UserService = Depends(get_user_service)) -> list[UserResponse]:
+    return [_to_user_response(user) for user in service.list()]
+
+
+@router.get("/{user_id}", response_model=UserResponse, dependencies=[Depends(require_admin)])
+def get_user(user_id: str, service: UserService = Depends(get_user_service)) -> UserResponse:
+    try:
+        return _to_user_response(service.get(user_id))
+    except ValueError as exc:
+        _raise_user_error(exc)
+
+
+@router.post("", response_model=UserResponse, status_code=status.HTTP_201_CREATED, dependencies=[Depends(require_admin)])
+def create_user(payload: CreateUserRequest, service: UserService = Depends(get_user_service)) -> UserResponse:
+    try:
+        return _to_user_response(service.create(payload))
+    except ValueError as exc:
+        _raise_user_error(exc)
+
+
+@router.patch("/{user_id}", response_model=UserResponse, dependencies=[Depends(require_admin)])
+def update_user(
+    user_id: str,
+    payload: UpdateUserRequest,
+    service: UserService = Depends(get_user_service),
+) -> UserResponse:
+    try:
+        return _to_user_response(service.update(user_id, payload))
+    except ValueError as exc:
+        _raise_user_error(exc)
+
+
+@router.delete("/{user_id}", status_code=status.HTTP_204_NO_CONTENT, dependencies=[Depends(require_admin)])
+def delete_user(user_id: str, service: UserService = Depends(get_user_service)) -> Response:
+    try:
+        service.delete(user_id)
+    except ValueError as exc:
+        _raise_user_error(exc)
+    return Response(status_code=status.HTTP_204_NO_CONTENT)
\ No newline at end of file
diff --git a/app/cli/commands/user.py b/app/cli/commands/user.py
new file mode 100644
index 0000000..ab35b3f
--- /dev/null
+++ b/app/cli/commands/user.py
@@ -0,0 +1,98 @@
+"""User CLI commands."""
+
+from __future__ import annotations
+
+import typer
+
+from app.cli.core.utils import execute_command, render_output
+from app.cli.commands.portfolio import _confirm
+from app.schemas.user import CreateUserRequest, UpdateUserRequest, UserResponse
+from app.services.user_service import UserService
+
+
+user_app = typer.Typer(help="User management commands.")
+
+
+def _with_service(ctx: typer.Context, callback):
+    app_context = ctx.obj
+    repository = app_context.repository_factory(app_context.settings)
+    service = UserService(repository)
+    try:
+        return execute_command(app_context.console, callback=lambda: callback(service, app_context))
+    finally:
+        if hasattr(repository, "close"):
+            repository.close()
+
+
+def _to_user_response(user) -> UserResponse:
+    return UserResponse(
+        id=user.id,
+        username=user.username,
+        email=user.email,
+        created_at=user.created_at,
+        updated_at=user.updated_at,
+    )
+
+
+@user_app.command("list")
+def list_users(ctx: typer.Context) -> None:
+    users = _with_service(ctx, lambda service, app_context: [_to_user_response(user) for user in service.list()])
+    render_output(ctx.obj.console, ctx.obj.output_format, users, empty_message="No users found.")
+
+
+@user_app.command("get")
+def get_user(
+    ctx: typer.Context,
+    user_id: str = typer.Argument(..., help="User identifier."),
+) -> None:
+    user = _with_service(ctx, lambda service, app_context: _to_user_response(service.get(user_id)))
+    render_output(ctx.obj.console, ctx.obj.output_format, user)
+
+
+@user_app.command("create")
+def create_user(
+    ctx: typer.Context,
+    username: str = typer.Option(..., help="Username."),
+    email: str | None = typer.Option(None, help="Email address."),
+    force: bool = typer.Option(False, "--force", help="Skip confirmation prompt."),
+) -> None:
+    _confirm(force, f"Create user {username}?")
+    user = _with_service(
+        ctx,
+        lambda service, app_context: _to_user_response(
+            service.create(CreateUserRequest(username=username, email=email))
+        ),
+    )
+    render_output(ctx.obj.console, ctx.obj.output_format, user)
+
+
+@user_app.command("update")
+def update_user(
+    ctx: typer.Context,
+    user_id: str = typer.Argument(..., help="User identifier."),
+    username: str | None = typer.Option(None, help="New username."),
+    email: str | None = typer.Option(None, help="New email address."),
+    force: bool = typer.Option(False, "--force", help="Skip confirmation prompt."),
+) -> None:
+    _confirm(force, f"Update user {user_id}?")
+    user = _with_service(
+        ctx,
+        lambda service, app_context: _to_user_response(
+            service.update(user_id, UpdateUserRequest(username=username, email=email))
+        ),
+    )
+    render_output(ctx.obj.console, ctx.obj.output_format, user)
+
+
+@user_app.command("delete")
+def delete_user(
+    ctx: typer.Context,
+    user_id: str = typer.Argument(..., help="User identifier."),
+    force: bool = typer.Option(False, "--force", help="Skip confirmation prompt."),
+) -> None:
+    _confirm(force, f"Delete user {user_id}?")
+    _with_service(ctx, lambda service, app_context: service.delete(user_id))
+    if ctx.obj.output_format == "json":
+        render_output(ctx.obj.console, ctx.obj.output_format, {"deleted": user_id})
+    else:
+        ctx.obj.console.print(f"Deleted user: {user_id}")
\ No newline at end of file
diff --git a/app/cli/core/utils.py b/app/cli/core/utils.py
index 1e2d95e..185ed7c 100644
--- a/app/cli/core/utils.py
+++ b/app/cli/core/utils.py
@@ -14,6 +14,7 @@ from rich.table import Table
 
 from app.core.errors import FeatureNotReadyError
 from app.schemas.portfolio import PortfolioDetailResponse, PortfolioListItem
+from app.schemas.user import UserResponse
 
 T = TypeVar("T")
 
@@ -126,6 +127,41 @@ def print_portfolio_detail(console: Console, detail: PortfolioDetailResponse) ->
     console.print(ledger_table)
 
 
+def print_user_table(console: Console, users: list[UserResponse]) -> None:
+    table = Table(title="Users", expand=True)
+    table.add_column("ID", style="cyan", no_wrap=True)
+    table.add_column("Username", no_wrap=True)
+    table.add_column("Email")
+    table.add_column("Created At", no_wrap=True)
+    table.add_column("Updated At", no_wrap=True)
+    for user in users:
+        table.add_row(
+            user.id,
+            user.username,
+            user.email or "N/A",
+            user.created_at.isoformat(timespec="seconds") if user.created_at else "N/A",
+            user.updated_at.isoformat(timespec="seconds") if user.updated_at else "N/A",
+        )
+    console.print(table)
+
+
+def print_user_detail(console: Console, user: UserResponse) -> None:
+    console.print(
+        Panel.fit(
+            "\n".join(
+                [
+                    f"id: {user.id}",
+                    f"username: {user.username}",
+                    f"email: {user.email or 'N/A'}",
+                    f"created_at: {user.created_at.isoformat(timespec='seconds') if user.created_at else 'N/A'}",
+                    f"updated_at: {user.updated_at.isoformat(timespec='seconds') if user.updated_at else 'N/A'}",
+                ]
+            ),
+            title="User",
+        )
+    )
+
+
 def print_json(console: Console, payload: Any) -> None:
     console.print_json(data=to_plain_data(payload))
 
@@ -139,13 +175,22 @@ def render_output(console: Console, output_format: str, payload: Any, *, empty_m
         if not payload and empty_message:
             console.print(empty_message)
             return
-        print_portfolio_table(console, payload)
+        if all(isinstance(item, PortfolioListItem) for item in payload):
+            print_portfolio_table(console, payload)
+            return
+        if all(isinstance(item, UserResponse) for item in payload):
+            print_user_table(console, payload)
+            return
         return
 
     if isinstance(payload, PortfolioDetailResponse):
         print_portfolio_detail(console, payload)
         return
 
+    if isinstance(payload, UserResponse):
+        print_user_detail(console, payload)
+        return
+
     console.print(payload)
 
 
diff --git a/app/cli/main.py b/app/cli/main.py
index 49e9402..2bbe70e 100644
--- a/app/cli/main.py
+++ b/app/cli/main.py
@@ -11,6 +11,7 @@ from rich.console import Console
 from app.cli.commands.health import register_health_commands
 from app.cli.commands.portfolio import portfolio_app
 from app.cli.commands.strategy import strategy_app
+from app.cli.commands.user import user_app
 from app.core.config import Settings, get_settings
 from app.repositories.factory import get_portfolio_repository_from_settings
 from app.repositories.portfolio_repository import PortfolioRepository
@@ -47,6 +48,7 @@ def create_app(
 
     app.add_typer(portfolio_app, name="portfolio")
     app.add_typer(strategy_app, name="strategy")
+    app.add_typer(user_app, name="user")
     register_health_commands(app)
     return app
 
diff --git a/app/domain/models.py b/app/domain/models.py
index 5cd8dca..747a84c 100644
--- a/app/domain/models.py
+++ b/app/domain/models.py
@@ -16,6 +16,15 @@ class StrategySet:
     created_at: datetime | None = None
 
 
+@dataclass
+class User:
+    id: str
+    username: str
+    email: str | None = None
+    created_at: datetime | None = None
+    updated_at: datetime | None = None
+
+
 @dataclass
 class Portfolio:
     portfolio_id: str
diff --git a/app/main.py b/app/main.py
index 355b95c..8f40041 100644
--- a/app/main.py
+++ b/app/main.py
@@ -6,6 +6,7 @@ from fastapi.middleware.cors import CORSMiddleware
 from app.api.health import router as health_router
 from app.api.portfolios import router as portfolio_router
 from app.api.strategy_sets import router as strategy_sets_router
+from app.api.users import router as users_router
 from app.core.config import get_settings
 from app.core.errors import register_exception_handlers
 
@@ -30,6 +31,7 @@ def create_app() -> FastAPI:
     app.include_router(health_router)
     app.include_router(portfolio_router)
     app.include_router(strategy_sets_router)
+    app.include_router(users_router)
     register_exception_handlers(app)
     return app
 
diff --git a/app/repositories/portfolio_repository.py b/app/repositories/portfolio_repository.py
index 609e49c..763408c 100644
--- a/app/repositories/portfolio_repository.py
+++ b/app/repositories/portfolio_repository.py
@@ -4,12 +4,22 @@ from __future__ import annotations
 
 from typing import Protocol
 
-from app.domain.models import LedgerEntry, Portfolio, StrategySet
+from app.domain.models import LedgerEntry, Portfolio, StrategySet, User
 
 
 class PortfolioRepository(Protocol):
     def ping(self) -> None: ...
 
+    def get_user(self, user_id: str) -> User: ...
+
+    def list_users(self) -> list[User]: ...
+
+    def create_user(self, username: str, *, email: str | None = None) -> User: ...
+
+    def update_user(self, user_id: str, *, username: str | None = None, email: str | None = None) -> User: ...
+
+    def delete_user(self, user_id: str) -> None: ...
+
     def get(self, portfolio_id: str) -> Portfolio: ...
 
     def get_or_create(
diff --git a/app/repositories/postgres.py b/app/repositories/postgres.py
index 25c2734..76366ce 100644
--- a/app/repositories/postgres.py
+++ b/app/repositories/postgres.py
@@ -12,7 +12,17 @@ from typing import Any
 import psycopg
 from psycopg import sql
 
-from app.domain.models import LedgerEntry, Portfolio, StrategySet
+from app.domain.models import LedgerEntry, Portfolio, StrategySet, User
+
+_SELECT_USER = """
+    SELECT
+        id,
+        username,
+        email,
+        created_at,
+        updated_at
+    FROM users
+"""
 
 _SELECT_PORTFOLIO = """
     SELECT
@@ -78,6 +88,17 @@ class PostgresPortfolioRepository:
     def ensure_schema(self) -> None:
         conn = self._connect()
         with conn.cursor() as cur:
+            cur.execute(
+                """
+                CREATE TABLE IF NOT EXISTS users (
+                    id TEXT PRIMARY KEY,
+                    username TEXT NOT NULL UNIQUE,
+                    email TEXT UNIQUE,
+                    created_at TIMESTAMPTZ NOT NULL DEFAULT NOW(),
+                    updated_at TIMESTAMPTZ NOT NULL DEFAULT NOW()
+                )
+                """
+            )
             cur.execute(
                 """
                 CREATE TABLE IF NOT EXISTS strategy_sets (
@@ -148,6 +169,19 @@ class PostgresPortfolioRepository:
                     """
                 )
 
+    @staticmethod
+    def _row_to_user(row: Any) -> User:
+        if row is None:
+            raise ValueError("사용자를 찾을 수 없습니다")
+
+        return User(
+            id=row[0],
+            username=row[1],
+            email=row[2],
+            created_at=row[3] if len(row) > 3 else None,
+            updated_at=row[4] if len(row) > 4 else None,
+        )
+
     @staticmethod
     def _row_to_portfolio(row: Any) -> Portfolio:
         if row is None:
@@ -195,6 +229,103 @@ class PostgresPortfolioRepository:
             note=row[12] or "",
         )
 
+    def _ensure_user_uniqueness(
+        self,
+        cur: psycopg.Cursor,
+        *,
+        username: str | None = None,
+        email: str | None = None,
+        exclude_user_id: str | None = None,
+    ) -> None:
+        if username is not None:
+            if exclude_user_id is None:
+                cur.execute("SELECT 1 FROM users WHERE username = %s", (username,))
+            else:
+                cur.execute("SELECT 1 FROM users WHERE username = %s AND id <> %s", (username, exclude_user_id))
+            if cur.fetchone() is not None:
+                raise ValueError(f"이미 존재하는 username입니다: {username}")
+
+        if email is not None:
+            if exclude_user_id is None:
+                cur.execute("SELECT 1 FROM users WHERE email = %s", (email,))
+            else:
+                cur.execute("SELECT 1 FROM users WHERE email = %s AND id <> %s", (email, exclude_user_id))
+            if cur.fetchone() is not None:
+                raise ValueError(f"이미 존재하는 email입니다: {email}")
+
+    def get_user(self, user_id: str) -> User:
+        self.ensure_schema()
+        with self._connect().cursor() as cur:
+            cur.execute(_SELECT_USER + "WHERE id = %s", (user_id,))
+            row = cur.fetchone()
+        return self._row_to_user(row)
+
+    def list_users(self) -> list[User]:
+        self.ensure_schema()
+        with self._connect().cursor() as cur:
+            cur.execute(_SELECT_USER + "ORDER BY created_at DESC, username ASC")
+            rows = cur.fetchall()
+        return [self._row_to_user(row) for row in rows]
+
+    def create_user(self, username: str, *, email: str | None = None) -> User:
+        self.ensure_schema()
+        with self._connect().cursor() as cur:
+            self._ensure_user_uniqueness(cur, username=username, email=email)
+            user_id = str(uuid.uuid4())
+            cur.execute(
+                """
+                INSERT INTO users (id, username, email)
+                VALUES (%s, %s, %s)
+                RETURNING id, username, email, created_at, updated_at
+                """,
+                (user_id, username, email),
+            )
+            row = cur.fetchone()
+        return self._row_to_user(row)
+
+    def update_user(self, user_id: str, *, username: str | None = None, email: str | None = None) -> User:
+        self.ensure_schema()
+        assignments: list[str] = []
+        params: list[object] = []
+        with self._connect().cursor() as cur:
+            cur.execute(_SELECT_USER + "WHERE id = %s", (user_id,))
+            existing_row = cur.fetchone()
+            if existing_row is None:
+                raise ValueError("사용자를 찾을 수 없습니다")
+
+            self._ensure_user_uniqueness(cur, username=username, email=email, exclude_user_id=user_id)
+
+            if username is not None:
+                assignments.append("username = %s")
+                params.append(username)
+            if email is not None:
+                assignments.append("email = %s")
+                params.append(email)
+
+            if not assignments:
+                return self._row_to_user(existing_row)
+
+            assignments.append("updated_at = NOW()")
+            cur.execute(
+                f"""
+                UPDATE users
+                SET {', '.join(assignments)}
+                WHERE id = %s
+                RETURNING id, username, email, created_at, updated_at
+                """,
+                (*params, user_id),
+            )
+            row = cur.fetchone()
+        return self._row_to_user(row)
+
+    def delete_user(self, user_id: str) -> None:
+        self.ensure_schema()
+        with self._connect().cursor() as cur:
+            cur.execute("SELECT 1 FROM users WHERE id = %s", (user_id,))
+            if cur.fetchone() is None:
+                raise ValueError("사용자를 찾을 수 없습니다")
+            cur.execute("DELETE FROM users WHERE id = %s", (user_id,))
+
     def get(self, portfolio_id: str) -> Portfolio:
         self.ensure_schema()
         with self._connect().cursor() as cur:
diff --git a/app/schemas/user.py b/app/schemas/user.py
new file mode 100644
index 0000000..a20f96d
--- /dev/null
+++ b/app/schemas/user.py
@@ -0,0 +1,59 @@
+"""User request and response schemas."""
+
+from __future__ import annotations
+
+from datetime import datetime
+
+from pydantic import BaseModel, Field, field_validator
+
+
+class UserResponse(BaseModel):
+    id: str
+    username: str
+    email: str | None = None
+    created_at: datetime | None = None
+    updated_at: datetime | None = None
+
+
+class CreateUserRequest(BaseModel):
+    username: str = Field(min_length=1)
+    email: str | None = None
+
+    @field_validator("username")
+    @classmethod
+    def normalize_username(cls, value: str) -> str:
+        normalized = value.strip()
+        if not normalized:
+            raise ValueError("username은 비어 있을 수 없습니다")
+        return normalized
+
+    @field_validator("email")
+    @classmethod
+    def normalize_email(cls, value: str | None) -> str | None:
+        if value is None:
+            return None
+        normalized = value.strip()
+        return normalized or None
+
+
+class UpdateUserRequest(BaseModel):
+    username: str | None = Field(default=None, min_length=1)
+    email: str | None = None
+
+    @field_validator("username")
+    @classmethod
+    def normalize_username(cls, value: str | None) -> str | None:
+        if value is None:
+            return None
+        normalized = value.strip()
+        if not normalized:
+            raise ValueError("username은 비어 있을 수 없습니다")
+        return normalized
+
+    @field_validator("email")
+    @classmethod
+    def normalize_email(cls, value: str | None) -> str | None:
+        if value is None:
+            return None
+        normalized = value.strip()
+        return normalized or None
\ No newline at end of file
diff --git a/app/services/user_service.py b/app/services/user_service.py
new file mode 100644
index 0000000..e06acc2
--- /dev/null
+++ b/app/services/user_service.py
@@ -0,0 +1,43 @@
+"""User service orchestration."""
+
+from __future__ import annotations
+
+from fastapi import Depends
+
+from app.core.config import Settings, get_settings
+from app.domain.models import User
+from app.repositories.factory import get_portfolio_repository_from_settings
+from app.repositories.portfolio_repository import PortfolioRepository
+from app.schemas.user import CreateUserRequest, UpdateUserRequest
+
+
+def get_user_repository(settings: Settings = Depends(get_settings)) -> PortfolioRepository:
+    return get_portfolio_repository_from_settings(settings)
+
+
+class UserService:
+    def __init__(self, repository: PortfolioRepository) -> None:
+        self._repository = repository
+
+    def list(self) -> list[User]:
+        return self._repository.list_users()
+
+    def get(self, user_id: str) -> User:
+        return self._repository.get_user(user_id)
+
+    def create(self, payload: CreateUserRequest) -> User:
+        return self._repository.create_user(payload.username, email=payload.email)
+
+    def update(self, user_id: str, payload: UpdateUserRequest) -> User:
+        return self._repository.update_user(
+            user_id,
+            username=payload.username,
+            email=payload.email,
+        )
+
+    def delete(self, user_id: str) -> None:
+        self._repository.delete_user(user_id)
+
+
+def get_user_service(repository: PortfolioRepository = Depends(get_user_repository)) -> UserService:
+    return UserService(repository)
\ No newline at end of file
diff --git a/docs/api-examples.md b/docs/api-examples.md
index b112226..682e74f 100644
--- a/docs/api-examples.md
+++ b/docs/api-examples.md
@@ -259,6 +259,118 @@ Response 204:
 
 ### 5.1 GET /strategy-sets
 
+## 6. Users
+
+All user management endpoints require an admin token.
+
+### 6.1 GET /users
+
+Request:
+
+```bash
+curl -X GET "http://localhost:8000/users" \
+  -H "Authorization: Bearer <ADMIN_TOKEN>"
+```
+
+Response 200:
+
+```json
+[
+  {
+    "id": "user-1",
+    "username": "alice",
+    "email": "alice@example.com",
+    "created_at": "2026-04-03T00:00:00Z",
+    "updated_at": "2026-04-03T00:00:00Z"
+  }
+]
+```
+
+### 6.2 GET /users/{user_id}
+
+Request:
+
+```bash
+curl -X GET "http://localhost:8000/users/user-1" \
+  -H "Authorization: Bearer <ADMIN_TOKEN>"
+```
+
+Response 200:
+
+```json
+{
+  "id": "user-1",
+  "username": "alice",
+  "email": "alice@example.com",
+  "created_at": "2026-04-03T00:00:00Z",
+  "updated_at": "2026-04-03T00:00:00Z"
+}
+```
+
+### 6.3 POST /users
+
+Request:
+
+```bash
+curl -X POST "http://localhost:8000/users" \
+  -H "Authorization: Bearer <ADMIN_TOKEN>" \
+  -H "Content-Type: application/json" \
+  -d '{
+    "username": "alice",
+    "email": "alice@example.com"
+  }'
+```
+
+Response 201:
+
+```json
+{
+  "id": "user-1",
+  "username": "alice",
+  "email": "alice@example.com",
+  "created_at": "2026-04-03T00:00:00Z",
+  "updated_at": "2026-04-03T00:00:00Z"
+}
+```
+
+### 6.4 PATCH /users/{user_id}
+
+Request:
+
+```bash
+curl -X PATCH "http://localhost:8000/users/user-1" \
+  -H "Authorization: Bearer <ADMIN_TOKEN>" \
+  -H "Content-Type: application/json" \
+  -d '{
+    "username": "alice-updated"
+  }'
+```
+
+Response 200:
+
+```json
+{
+  "id": "user-1",
+  "username": "alice-updated",
+  "email": "alice@example.com",
+  "created_at": "2026-04-03T00:00:00Z",
+  "updated_at": "2026-04-03T00:10:00Z"
+}
+```
+
+### 6.5 DELETE /users/{user_id}
+
+Request:
+
+```bash
+curl -X DELETE "http://localhost:8000/users/user-1" \
+  -H "Authorization: Bearer <ADMIN_TOKEN>"
+```
+
+Response 204:
+
+- No content.
+
 Request:
 
 ```bash
diff --git a/docs/db-schema-spec.md b/docs/db-schema-spec.md
index ba2e21b..2d84ffd 100644
--- a/docs/db-schema-spec.md
+++ b/docs/db-schema-spec.md
@@ -5,17 +5,19 @@
 This document defines the database schema in an AI-agent-friendly format.
 
 - Source of truth: Alembic revisions in `migrations/versions`
-- Current baseline revision: `20260403_0003`
+- Current baseline revision: `20260403_0004`
 - Baseline files:
 	- `migrations/versions/20260403_0001_initial_portfolio_schema.py`
 	- `migrations/versions/20260403_0002_strategy_set_columns.py`
 	- `migrations/versions/20260403_0003_portfolio_strategy_refs.py`
+	- `migrations/versions/20260403_0004_users_table.py`
 
 ## 2. Scope
 
 Schema objects covered by baseline revision:
 
 - `strategy_sets`
+- `users`
 - `portfolios`
 - `portfolio_ledger`
 - secondary indexes
@@ -30,7 +32,29 @@ Schema objects covered by baseline revision:
 
 ## 4. Tables
 
-### 4.1 strategy_sets
+### 4.1 users
+
+Purpose:
+
+- Stores admin-managed user records for operational ownership and future identity mapping.
+
+Columns:
+
+| Column | Type | Null | Default | Constraints / Notes |
+|---|---|---|---|---|
+| id | Text | NO | - | Primary Key |
+| username | Text | NO | - | Unique username |
+| email | Text | YES | - | Unique when present |
+| created_at | DateTime(timezone=True) | NO | NOW() | Creation timestamp |
+| updated_at | DateTime(timezone=True) | NO | NOW() | Last update timestamp |
+
+Constraints:
+
+- Primary key: `id`
+- Unique: `uq_users_username` on (`username`)
+- Unique: `uq_users_email` on (`email`)
+
+### 4.2 strategy_sets
 
 Purpose:
 
@@ -52,7 +76,7 @@ Constraints:
 - Unique: `uq_strategy_sets_name_config` on (`name`, `config`)
 - Unique: `uq_strategy_sets_nick` on (`nick`)
 
-### 4.2 portfolios
+### 4.3 portfolios
 
 Purpose:
 
@@ -60,7 +84,7 @@ Purpose:
 
 Current baseline note:
 
-- The columns below describe the currently migrated schema through revision `20260403_0003`.
+- The columns below describe the currently migrated schema through revision `20260403_0004`.
 
 Columns:
 
@@ -90,7 +114,7 @@ Constraint notes:
 - `active_strategy_id` is a nullable logical reference to `strategy_sets.id`
 - `avabile_strategies` stores zero or more selectable strategy set IDs when present
 
-### 4.3 portfolio_ledger
+### 4.4 portfolio_ledger
 
 Purpose:
 
@@ -121,14 +145,21 @@ Constraints:
 
 ## 5. Indexes
 
-### 5.1 idx_portfolio_ledger_portfolio_time
+### 5.1 ix_users_created_at
+
+- Table: `users`
+- Columns/expressions: (`created_at`)
+- Unique: no
+- Intent: speed operational listing by recency.
+
+### 5.2 idx_portfolio_ledger_portfolio_time
 
 - Table: `portfolio_ledger`
 - Columns/expressions: (`portfolio_id`, `recorded_at DESC`)
 - Unique: no
 - Intent: fetch recent ledger entries per portfolio efficiently.
 
-### 5.2 idx_portfolios_broker_status_updated
+### 5.3 idx_portfolios_broker_status_updated
 
 - Table: `portfolios`
 - Columns/expressions: (`broker`, `status`, `updated_at DESC`)
@@ -170,3 +201,4 @@ When schema changes:
 | 20260403_0001 | migrations/versions/20260403_0001_initial_portfolio_schema.py | Initial schema for strategy sets, portfolios, ledger, indexes, optional hypertable |
 | 20260403_0002 | migrations/versions/20260403_0002_strategy_set_columns.py | Rename `strategy_name`->`name`, `strategy_config`->`config`, add unique `nick`, handle legacy unnamed unique constraint |
 | 20260403_0003 | migrations/versions/20260403_0003_portfolio_strategy_refs.py | Remove embedded portfolio strategy fields, add `active_strategy_id` and `avabile_strategies` |
+| 20260403_0004 | migrations/versions/20260403_0004_users_table.py | Add `users` table with unique username/email and created_at index |
diff --git a/docs/portfoliohub-spec.md b/docs/portfoliohub-spec.md
index f8640aa..4a9d8be 100644
--- a/docs/portfoliohub-spec.md
+++ b/docs/portfoliohub-spec.md
@@ -22,6 +22,7 @@ Primary goals:
 In scope:
 
 - Authenticated portfolio read and write operations
+- Admin-managed user CRUD operations
 - Role-based access control (read, trade-write, admin)
 - Optional PostgreSQL/Timescale-backed repository via feature flag
 - Operational commands for DB bootstrap and migration
@@ -121,6 +122,7 @@ Base routes:
 
 - Health: `/health`
 - Portfolio: `/portfolios`
+- Users: `/users`
 
 ### 7.1 Health Endpoint
 
@@ -245,6 +247,47 @@ Note: Since strategy sets are identified by (name, config) uniqueness, updating
 
 - See `docs/api-examples.md` for maintained request/response examples.
 
+### 7.5 User Endpoints
+
+All user management endpoints are admin-only.
+
+#### List Users
+
+- `GET /users`
+- Auth: `admin`
+- Response `200`: array of `UserResponse`
+
+#### Get User
+
+- `GET /users/{user_id}`
+- Auth: `admin`
+- Response `200`: `UserResponse`
+- Response `404`: user not found
+
+#### Create User
+
+- `POST /users`
+- Auth: `admin`
+- Body: `CreateUserRequest`
+- Response `201`: `UserResponse`
+- Response `409`: duplicate username or email
+
+#### Update User
+
+- `PATCH /users/{user_id}`
+- Auth: `admin`
+- Body: `UpdateUserRequest`
+- Response `200`: `UserResponse`
+- Response `404`: user not found
+- Response `409`: duplicate username or email
+
+#### Delete User
+
+- `DELETE /users/{user_id}`
+- Auth: `admin`
+- Response `204`: no content
+- Response `404`: user not found
+
 ## 8. Schema Specification
 
 ### 8.1 Request Models
@@ -278,6 +321,16 @@ Note: Since strategy sets are identified by (name, config) uniqueness, updating
 `BuyRequest` / `SellRequest`
 
 - `quantity: float > 0`
+
+`CreateUserRequest`
+
+- `username: str`
+- `email: str | null`
+
+`UpdateUserRequest`
+
+- `username: str | null`
+- `email: str | null`
 - `price: float > 0`
 - `fee: float >= 0`
 - `tax: float >= 0`
diff --git a/migrations/env.py b/migrations/env.py
index 6f4d92a..d74139e 100644
--- a/migrations/env.py
+++ b/migrations/env.py
@@ -5,6 +5,8 @@ from logging.config import fileConfig
 from alembic import context
 from sqlalchemy import engine_from_config, pool
 
+from app.core.config import get_settings
+
 config = context.config
 
 if config.config_file_name is not None:
@@ -13,8 +15,15 @@ if config.config_file_name is not None:
 target_metadata = None
 
 
+def _configure_database_url() -> str:
+    settings = get_settings()
+    database_url = settings.active_database_url
+    config.set_main_option("sqlalchemy.url", database_url.replace("%", "%%"))
+    return database_url
+
+
 def run_migrations_offline() -> None:
-    url = config.get_main_option("sqlalchemy.url")
+    url = _configure_database_url()
     context.configure(
         url=url,
         target_metadata=target_metadata,
@@ -27,6 +36,7 @@ def run_migrations_offline() -> None:
 
 
 def run_migrations_online() -> None:
+    _configure_database_url()
     connectable = engine_from_config(
         config.get_section(config.config_ini_section, {}),
         prefix="sqlalchemy.",
diff --git a/migrations/versions/20260403_0004_users_table.py b/migrations/versions/20260403_0004_users_table.py
new file mode 100644
index 0000000..01c8d39
--- /dev/null
+++ b/migrations/versions/20260403_0004_users_table.py
@@ -0,0 +1,37 @@
+"""add users table
+
+Revision ID: 20260403_0004
+Revises: 20260403_0003
+Create Date: 2026-04-03 02:00:00
+"""
+
+from __future__ import annotations
+
+from alembic import op
+import sqlalchemy as sa
+
+
+revision = "20260403_0004"
+down_revision = "20260403_0003"
+branch_labels = None
+depends_on = None
+
+
+def upgrade() -> None:
+    op.create_table(
+        "users",
+        sa.Column("id", sa.Text(), nullable=False),
+        sa.Column("username", sa.Text(), nullable=False),
+        sa.Column("email", sa.Text(), nullable=True),
+        sa.Column("created_at", sa.TIMESTAMP(timezone=True), nullable=False, server_default=sa.text("NOW()")),
+        sa.Column("updated_at", sa.TIMESTAMP(timezone=True), nullable=False, server_default=sa.text("NOW()")),
+        sa.PrimaryKeyConstraint("id"),
+        sa.UniqueConstraint("username", name="uq_users_username"),
+        sa.UniqueConstraint("email", name="uq_users_email"),
+    )
+    op.create_index("ix_users_created_at", "users", ["created_at"])
+
+
+def downgrade() -> None:
+    op.drop_index("ix_users_created_at", table_name="users")
+    op.drop_table("users")
\ No newline at end of file
diff --git a/tests/test_cli.py b/tests/test_cli.py
index 27853cc..1e4533c 100644
--- a/tests/test_cli.py
+++ b/tests/test_cli.py
@@ -8,7 +8,7 @@ from typer.testing import CliRunner
 
 from app.cli.main import create_app
 from app.core.config import Settings
-from app.domain.models import LedgerEntry, Portfolio, StrategySet
+from app.domain.models import LedgerEntry, Portfolio, StrategySet, User
 
 
 class FakeRepo:
@@ -17,6 +17,8 @@ class FakeRepo:
         self.entries: list[LedgerEntry] = []
         self.strategy_set = StrategySet(id="set-1", name="target_value", config="{}", nick="target_value:99914b932bd3")
         self._strategy_sets: dict[str, StrategySet] = {self.strategy_set.id: self.strategy_set}
+        self._users: dict[str, User] = {}
+        self._user_seq = 1
         self.closed = False
 
     def close(self) -> None:
@@ -28,6 +30,50 @@ class FakeRepo:
     def ping(self) -> None:
         return None
 
+    def get_user(self, user_id: str) -> User:
+        user = self._users.get(user_id)
+        if user is None:
+            raise ValueError("사용자를 찾을 수 없습니다")
+        return user
+
+    def list_users(self) -> list[User]:
+        return sorted(self._users.values(), key=lambda user: user.username)
+
+    def create_user(self, username: str, *, email: str | None = None) -> User:
+        if any(user.username == username for user in self._users.values()):
+            raise ValueError(f"이미 존재하는 username입니다: {username}")
+        if email is not None and any(user.email == email for user in self._users.values()):
+            raise ValueError(f"이미 존재하는 email입니다: {email}")
+        now = datetime.now(timezone.utc)
+        user = User(
+            id=f"user-{self._user_seq}",
+            username=username,
+            email=email,
+            created_at=now,
+            updated_at=now,
+        )
+        self._user_seq += 1
+        self._users[user.id] = user
+        return user
+
+    def update_user(self, user_id: str, *, username: str | None = None, email: str | None = None) -> User:
+        user = self.get_user(user_id)
+        if username is not None and any(item.id != user_id and item.username == username for item in self._users.values()):
+            raise ValueError(f"이미 존재하는 username입니다: {username}")
+        if email is not None and any(item.id != user_id and item.email == email for item in self._users.values()):
+            raise ValueError(f"이미 존재하는 email입니다: {email}")
+        if username is not None:
+            user.username = username
+        if email is not None:
+            user.email = email
+        user.updated_at = datetime.now(timezone.utc)
+        return user
+
+    def delete_user(self, user_id: str) -> None:
+        if user_id not in self._users:
+            raise ValueError("사용자를 찾을 수 없습니다")
+        del self._users[user_id]
+
     def get(self, portfolio_id: str) -> Portfolio:
         if self._portfolio is None or self._portfolio.portfolio_id != portfolio_id:
             raise ValueError("포트폴리오를 찾을 수 없습니다")
@@ -392,4 +438,48 @@ def test_cli_migrate_db_reports_head(monkeypatch) -> None:
     result = runner.invoke(runner.app, ["migrate-db"])
 
     assert result.exit_code == 0
-    assert "migration_applied: head" in result.stdout
\ No newline at end of file
+    assert "migration_applied: head" in result.stdout
+
+
+def test_cli_user_list_renders_table() -> None:
+    repo = FakeRepo()
+    repo.create_user("alice", email="alice@example.com")
+    runner = build_runner(repo)
+
+    result = runner.invoke(runner.app, ["user", "list"])
+
+    assert result.exit_code == 0
+    assert "Users" in result.stdout
+    assert "alice" in result.stdout
+
+
+def test_cli_user_create_supports_json() -> None:
+    repo = FakeRepo()
+    runner = build_runner(repo)
+
+    result = runner.invoke(
+        runner.app,
+        ["--format", "json", "user", "create", "--username", "alice", "--email", "alice@example.com", "--force"],
+    )
+
+    assert result.exit_code == 0
+    payload = json.loads(result.stdout)
+    assert payload["username"] == "alice"
+    assert payload["email"] == "alice@example.com"
+
+
+def test_cli_user_update_and_delete_flow() -> None:
+    repo = FakeRepo()
+    user = repo.create_user("alice", email="alice@example.com")
+    runner = build_runner(repo)
+
+    update_result = runner.invoke(
+        runner.app,
+        ["user", "update", user.id, "--username", "alice-updated", "--force"],
+    )
+    delete_result = runner.invoke(runner.app, ["user", "delete", user.id, "--force"])
+
+    assert update_result.exit_code == 0
+    assert "alice-updated" in update_result.stdout
+    assert delete_result.exit_code == 0
+    assert f"Deleted user: {user.id}" in delete_result.stdout
\ No newline at end of file
diff --git a/tests/test_users.py b/tests/test_users.py
new file mode 100644
index 0000000..99930b1
--- /dev/null
+++ b/tests/test_users.py
@@ -0,0 +1,132 @@
+from __future__ import annotations
+
+from datetime import datetime, timezone
+
+from fastapi.testclient import TestClient
+
+from app.domain.models import User
+from app.main import app
+from app.services.user_service import UserService, get_user_service
+
+
+class FakeUserRepo:
+    def __init__(self) -> None:
+        self.users: dict[str, User] = {}
+        self.next_id = 1
+
+    def get_user(self, user_id: str) -> User:
+        user = self.users.get(user_id)
+        if user is None:
+            raise ValueError("사용자를 찾을 수 없습니다")
+        return user
+
+    def list_users(self) -> list[User]:
+        return sorted(self.users.values(), key=lambda user: user.username)
+
+    def create_user(self, username: str, *, email: str | None = None) -> User:
+        if any(user.username == username for user in self.users.values()):
+            raise ValueError(f"이미 존재하는 username입니다: {username}")
+        if email is not None and any(user.email == email for user in self.users.values()):
+            raise ValueError(f"이미 존재하는 email입니다: {email}")
+        now = datetime.now(timezone.utc)
+        user = User(
+            id=f"user-{self.next_id}",
+            username=username,
+            email=email,
+            created_at=now,
+            updated_at=now,
+        )
+        self.next_id += 1
+        self.users[user.id] = user
+        return user
+
+    def update_user(self, user_id: str, *, username: str | None = None, email: str | None = None) -> User:
+        user = self.get_user(user_id)
+        if username is not None and any(item.id != user_id and item.username == username for item in self.users.values()):
+            raise ValueError(f"이미 존재하는 username입니다: {username}")
+        if email is not None and any(item.id != user_id and item.email == email for item in self.users.values()):
+            raise ValueError(f"이미 존재하는 email입니다: {email}")
+        if username is not None:
+            user.username = username
+        if email is not None:
+            user.email = email
+        user.updated_at = datetime.now(timezone.utc)
+        return user
+
+    def delete_user(self, user_id: str) -> None:
+        if user_id not in self.users:
+            raise ValueError("사용자를 찾을 수 없습니다")
+        del self.users[user_id]
+
+
+def _client_with_repo(monkeypatch, repo: FakeUserRepo) -> TestClient:
+    monkeypatch.setenv("PORTFOLIOHUB_DB_ENABLED", "false")
+    monkeypatch.setenv("PORTFOLIOHUB_ADMIN_TOKENS", "admin-token")
+    monkeypatch.setenv("PORTFOLIOHUB_READ_TOKENS", "read-token")
+    from app.core.config import get_settings
+
+    get_settings.cache_clear()
+    app.dependency_overrides.clear()
+    app.dependency_overrides[get_user_service] = lambda: UserService(repo)
+    return TestClient(app)
+
+
+def test_list_users_requires_admin(monkeypatch) -> None:
+    client = _client_with_repo(monkeypatch, FakeUserRepo())
+
+    response = client.get("/users", headers={"Authorization": "Bearer read-token"})
+
+    app.dependency_overrides.clear()
+    assert response.status_code == 403
+    assert response.json()["detail"] == "Insufficient permission"
+
+
+def test_list_users_returns_payload(monkeypatch) -> None:
+    repo = FakeUserRepo()
+    repo.create_user("alice", email="alice@example.com")
+    client = _client_with_repo(monkeypatch, repo)
+
+    response = client.get("/users", headers={"Authorization": "Bearer admin-token"})
+
+    app.dependency_overrides.clear()
+    assert response.status_code == 200
+    payload = response.json()
+    assert len(payload) == 1
+    assert payload[0]["username"] == "alice"
+
+
+def test_create_user_rejects_duplicate_username(monkeypatch) -> None:
+    repo = FakeUserRepo()
+    repo.create_user("alice")
+    client = _client_with_repo(monkeypatch, repo)
+
+    response = client.post(
+        "/users",
+        headers={"Authorization": "Bearer admin-token"},
+        json={"username": "alice", "email": "alice2@example.com"},
+    )
+
+    app.dependency_overrides.clear()
+    assert response.status_code == 409
+    assert "이미 존재하는 username입니다" in response.json()["detail"]
+
+
+def test_get_update_and_delete_user_flow(monkeypatch) -> None:
+    repo = FakeUserRepo()
+    user = repo.create_user("alice", email="alice@example.com")
+    client = _client_with_repo(monkeypatch, repo)
+
+    get_response = client.get(f"/users/{user.id}", headers={"Authorization": "Bearer admin-token"})
+    update_response = client.patch(
+        f"/users/{user.id}",
+        headers={"Authorization": "Bearer admin-token"},
+        json={"username": "alice-updated"},
+    )
+    delete_response = client.delete(f"/users/{user.id}", headers={"Authorization": "Bearer admin-token"})
+
+    app.dependency_overrides.clear()
+    assert get_response.status_code == 200
+    assert get_response.json()["username"] == "alice"
+    assert update_response.status_code == 200
+    assert update_response.json()["username"] == "alice-updated"
+    assert delete_response.status_code == 204
\ No newline at end of file