Disclosed is an eco-friendly vehicle capable of conveniently canceling a protection mode when the protection mode is entered due to a voltage drop of a low-voltage battery, and a power management method therefor. A power management method for an electrified vehicle may comprise controlling, by a power management controller, an out-vehicle switch from a first mode for changing a locked state to a second mode for battery reset when there is a request for entry into a protection mode for a low-voltage battery from a BMS, and entering the protection mode when the out-vehicle switch is changed to the second mode.