A content processing method and apparatus which can maximize user convenience by allocating content available in a home network to an empty TV channel are provided. The content processing method includes storing channel information regarding a plurality of broadcast channels to which a broadcast signal has been set, storing channel information regarding a plurality of empty channels to which no broadcast signal has been set, issuing a request for a content list to and receiving a content list from one of a plurality of server devices connected to a home network, mapping the content list to a plurality of empty channels, and selecting one of the channels to which the content list is mapped, and playing back content included in the selected channel.