An apparatus and method for reducing current consumption in a portable terminal are provided, in which upon generation of a task, a controller transitions to a Virtual Maximum Clock (VMC) level and changes a clock level from the VMC level according to a load state of the controller, to process the task. Moreover, the controller changes the clock level by at least one of transition from the VMC level to an RMC level, a stepwise increase from the VMC level, a stepwise decrease from the VMC level, and a hold at the VMC level, according to the load state of the controller.