A terminal and method for receiving a broadcast service by the terminal in a broadcast system are provided. The method includes performing a registration procedure for subscription and reception of the broadcast service through a Browser And Content Mobile Broadcast (BSCAST) Subscription Management (BSM) responsible for managing subscription information; receiving a Long Term Key Message (LTKM), including key information for encryption of the broadcast service, generated from the BSM; receiving a completed Short Term Key Message (STKM), the completed STKM being generated by performing Message Authentication Code (MAC) processing on a partially created STKM; receiving, from a Broadcast Service Distribution/Adaptation (BSD/A) which is responsible for transmitting the broadcast service, an encrypted broadcast service which is encrypted by a Traffic Encryption Key (TEK) for deciphering the broadcast service; and deciphering the encrypted broadcast service by the TEK obtained using the LTKM and the completed STKM.