A portable terminal and a method of controlling a shared memory, the portable terminal are disclosed. The portable terminal includes a memory unit, being equipped with at least 2 ports and having a storage block partitioned into partitioned blocks in a quantity of n, and a plurality of processors, reading or writing data by accessing a particular partitioned block through each dedicated port. At least one of the partitioned blocks is assigned to a common storage block, accessible by a processor having an access privilege, and the access privilege is transferred between the plurality of processors. The common storage block can be partitioned into k sub partitioned blocks, which the data type and process to be stored are predetermined. With the present invention, in the case of the common storage block for the plurality of processors, by allowing the partitioned storage blocks to be partitioned again into sub partitioned blocks depending on a type of data to be stored, the data processing/transmission speed and efficiency can be optimized.