An apparatus and method for managing a preference channel are provided which can reduce a delay time when a channel change is made between preference channels, by storing a preference channel directly selected by a mobile terminal user in a mobile broadcast system. A mobile terminal receives and demultiplexes multiplexed logical channels on which data streams are transmitted from a service provider through a communication network. Preference channels of the demultiplexed logical channels are dynamically allocated to decoding buffers using stored information. A decoding time at which data of the decoding buffers is accessed and decoded is computed using reference information. A decoding operation is performed at the computed decoding time, and decoded channel-by-channel elementary streams are stored in a memory. The decoded channel-by-channel elementary streams stored in the memory are displayed on a screen of the mobile terminal.