An apparatus and method support live streaming between mobile communication terminals. A server Mobile Station (MS) Transport Stream (TS)-multiplexes audio/video data, generates TS data, and transmits the generated TS data in a live streaming scheme to a client MS through an accessed IP based packet service network. A client MS receives the TS data generated by the server MS in the live streaming scheme through the accessed IP based packet service network, TS-demultiplexes the received TS data, and restores the original audio/video data.