A security service providing method using a mobile terminal password and a mobile terminal thereof. A normal password and an emergency password are stored in a smart card in advance. When a password for using a special service is input by a mobile terminal user, the input password is compared with the normal password and the emergency password. When the input password corresponds to the normal password, a special service requested by the user is provided. When the input password corresponds to the emergency password, a predetermined emergency process is performed. According to the emergency process, an emergency message is transmitted to the outside through a predetermined emergency networking process, predetermined virtual process information is displayed, or an abnormal process message for indicating unavailability of provision of the requested special service is displayed to the mobile terminal. Therefore, security is guaranteed and reliability is provided to the user who uses a special service through a mobile terminal by providing an emergency process performance function to the limited function of the password used for identification and authentication.