A video telephony apparatus and signal transmitting/receiving method for a mobile terminal are disclosed. The video telephony apparatus includes: a radio frequency unit for establishing a video call connection; an audio processor for collecting and reproducing an audio signal including a voice signal; a caption generator for converting the voice signal into a text caption signal; a camera module for photographing target objects to generate an image signal carrying photographed images; a video processor for combining the text caption signal and image signal into a video signal; a display unit for displaying visual image data; and a control unit for controlling the radio frequency unit to transmit the video signal. As a result, text captions corresponding to a voice signal can enhance the conversations during a mobile video telephony service.