A method and an apparatus for reducing current consumption in a mobile terminal are provided. The mobile terminal includes a power supply unit for outputting a paging power signal that repeats power on and off states and a microphone bias according to a paging period previously set by a network, a connection unit for connecting the peripheral device and for outputting a connection detecting signal when connection of the peripheral device is detected, a determination unit for receiving the paging power signal and the connection detecting signal as an input signal and for generating and outputting a microphone bias apply signal when a power on state of the paging power signal is detected, and a controller for controlling application of the microphone bias apply signal to the connection unit when the controller receives the microphone bias apply signal.