A bandwidth estimation-based streaming content processing method and apparatus of a terminal is provided. The streaming content processing method includes establishing a communication channel with a network selected among a plurality of cellular communication networks and a short range communication network, detecting a playback request signal for playing a streaming content received through the communication channel, configuring a fixed bandwidth corresponding to the selected network as an available bandwidth of the streaming content, transmitting a download request for a data version corresponding to the fixed bandwidth to a server providing the streaming content, downloading the requested data from the server, and playing the streaming content of the downloaded data.