An apparatus and method for non-invasively measuring bio-fluid concentrations using photoacoustic spectroscopy includes a light source for irradiating an incident light having a predetermined wavelength band to be absorbed into a targeted component of a living body, an acoustic signal generator for generating a first acoustic signal having a similar frequency band as a photoacoustic signal that is generated when the incident light is absorbed into the targeted component, a ultrasonic translator for detecting the photoacoustic signal and a second acoustic signal that is a modulated signal of the first acoustic signal, a controller for generating the first acoustic signal in a predetermined frequency band, a light detector for detecting an intensity of the incident light, and a calculator capable of calculating a signal compensation value based on the incident light, the photoacoustic signal, and the coefficient of sound wave transmission, and capable of computing a concentration of the targeted component.