A mobile communication device and a method of setting tone color, which allow a user to set the tone color of received sound. Provided are a normal mode, which sets the equalizer using GCF standards stored in an internal memory or equalizer setting values selected by a provider, a country-specific mode, which uses country-specific setting, and a user mode, in which a user can set frequency-specific gains of the received sound, and one mode is selected from the provided mode, so that the tone color of the received sound can be adjusted according to the selection. Telephone speech quality can be optimized for user preference, network environments and language characteristics.