A method and apparatus for managing a mobile Internet protocol (IP) using network address translation (NAT) in a mobile network are provided. The method includes periodically receiving an agent information message from an agent on a network, and checking a connection to a home network or a foreign network. If a connection to the home network is determined based on the agent information message, a global IP address received from the agent of the home network and local IP addresses set a plurality of hosts included in the mobile network are registered, and communication with the home network is performed through conversion between the registered global IP address and each of the registered local IP addresses. If a connection to the foreign network is determined based on the agent information message, a temporary IP address is received from the agent of the foreign network. The temporary IP address is registered with the local IP addresses set at the hosts, and communication with the foreign network is performed through conversions between the registered temporary IP address and each of the registered local IP addresses.