A method for selecting text created in a mobile terminal by word and correcting it or changing it to another word, and a mobile terminal implementing the same are disclosed. The mobile terminal includes: a display unit to display one or more words of text, and to display tags for each of the one or more words; an input unit to select at least one of the tagged one or more words as selected one word; and a controller to display candidate words having a similar pronunciation to that of the word selected via the input unit, select one of the candidate words as selected one candidate word, and change the selected one word from the text to the selected one candidate word.