A contents management method and apparatus of a mobile terminal provides improved security of private contents. A contents management method of a mobile terminal includes establishing a connection to at least one external terminal. The method also includes segmenting a content stored in the mobile terminal into segments and sharing the content by distributing the segments to the terminals. The method further includes integrating the segments distributed to the terminals into the content when a content execution command is input. The method still further includes storing the integrated content and deleting the integrated content in the mobile terminal when at least one of the terminals is disconnected.