Example embodiments relate to a memory system and a method of controlling power thereof. The memory system may include a memory device and a memory controller. The memory device may be configured to be set to a specific power characteristic mode in response to a mode register set command so as to provide a power characteristic information corresponding to the specific power characteristic mode. The memory controller may be configured to provide the mode register set command to the memory device, configured to read the power characteristic information corresponding to the specific power characteristic mode from the memory device, configured to generate a power control information based on the power characteristic information, configured generate a command in response to the power control information, and provide the command to the memory device according to the power control information.