A Digital Rights Management (DRM) content player and play method for a portable terminal are disclosed. The DRM content player includes a first memory unit for storing a license stating usage rights upon an associated DRM content, and a content list of DRM contents, a second memory unit for storing the DRM content associated with the license, wherein the DRM content and associated license are received from an external source, a first controller for controlling the first memory unit, and finding a desired license in the first memory and sending the found license to the second memory unit, and a second controller for communicating with the first controller and controlling the second memory unit.