The present invention relates to a mobile terminal and control method thereof capable of managing power consumption. The mobile terminal according to an embodiment of the present invention may include a battery unit configured to supply power to an electronic element mounted on a terminal body, a measurement unit configured to measure a battery remaining amount for the battery unit, and a controller configured to set a battery assigned amount for the battery unit to a designated contact address, and implement a limited mode according to a result of comparing the battery remaining amount with the battery to assigned amount, and limit a function based on information on the contact addresses other than the designated contact address when the limited mode is implemented.