Disclosed is a mobile terminal and in particular a data storing and reading method of a mobile terminal which makes it possible to perform mutual data exchange between a mobile terminal and a personal computer (PC) by using a universal serial bus interface (USB). For this purpose, there is provided a method and apparatus for storing and reading data in a mobile terminal connected with a PC through a USB interface, wherein the method comprises steps of: detecting whether the mobile terminal is powered on and connected with the PC; recognizing the mobile terminal as a portable disc drive if it is detected that the mobile terminal is connected with the PC; at a write mode for storing data after the mobile terminal is recognized as a portable disc drive, storing data in one of a phone memory installed in the mobile terminal and an auxiliary memory according to a preset storing mode; and at a read mode for reading out and transmitting stored data after the mobile terminal is recognized as a portable disc drive, reading out and transmitting corresponding data from the phone memory or the auxiliary memory, that is stored with data desired to be read out.