A refrigerator and a control method of the refrigerator are discussed. According to an embodiment, a control method of a refrigerator connected to an electric power management network comprises steps of receiving power-rate information via the electric power management network; setting an over-cooling period and a power-saving period based on the received power-rate information; controlling at east one storage chamber to be over-cooled by over-cooling cold air during the over-cooling period; and controlling the other storage chamber to be over-cooled by the over-cooled cold air during the power-saving period. According to the present invention, the functions of the refrigerator are provided with minimal use of electricity and/or with reduced electricity charges.