The present invention relates to a mobile terminal and control method thereof capable of managing power consumption. The mobile terminal according to an embodiment of the present invention may include a battery unit (191) configured to supply power to an electronic element mounted on a terminal body, a measurement unit (194) configured to measure a battery remaining amount for the battery unit (191), and a controller (180) configured to set a battery assigned amount for the battery unit (191) to a designated contact address, and implement a limited mode according to a result of comparing the battery remaining amount with the battery assigned amount, and limit a function based on information on the contact addresses other than the designated contact address when the limited mode is implemented.