Disclosed herein is a 3D urban modeling apparatus and method. The 3D urban modeling apparatus includes a calibration unit for calibrating data about a translation and a rotation of at least one capturing device at a time that input aerial images and terrestrial images were captured. A building model generation unit generates at least one 3D building model based on the aerial images and the terrestrial images to which results of the calibration have been applied. A terrain model generation unit generates a 3D terrain model by converting an input digital elevation model into a 3D mesh. A texture extraction unit extracts textures related to the building model and the terrain model from the aerial images and the terrestrial images. A model matching unit generates a 3D urban model by matching the building model with the terrain model, which are based on the textures, with each other.