The disclosure discloses a method for implementing a three-party video call by mobile terminals, which comprises: starting a Bluetooth feature of an intelligent mobile terminal acting as a server and that of an intelligent mobile terminal acting as a client, respectively; after a server intelligent mobile terminal and a client intelligent mobile terminal are bound together in terms of Bluetooth, starting, by the server intelligent mobile terminal and the client intelligent mobile terminal, their respective real-time transmission threads and real-time reception threads, and performing, by the server intelligent mobile terminal, audio/video data processing, so as to implement the three-party video call with a third party intelligent mobile terminal. The disclosure further discloses a system for implementing a three-party video call by mobile terminals. Use of the method and system enables intelligent mobile terminals to implement a three-party video call function, thereby user experience is satisfied.