Disclosed herein is a method of controlling power consumption of a mobile communication terminal, and a mobile communication terminal in which the method is implemented. The mobile communication terminal, having peripheral devices, such as a speaker, Liquid Crystal Display (LCD) and a camera, and a diversity unit for implementing a diversity function, includes a power measurement unit and a control unit. The power measurement unit measures power consumed in the diversity unit. The control unit controls the power consumption of the peripheral devices based on the amount of consumed power read from the power measurement unit. Accordingly, the power consumption of the peripheral devices is appropriately controlled, so that unnecessary power consumption can be reduced, therefore the lifespan of a battery can be prolonged.