The present invention relates to an apparatus and method for creating a three-dimensional caricature, and more particularly, to an apparatus and method for creating a three-dimensional caricature having a high degree of similarity to user's face by precisely extracting feature point information on facial features and modifying a three-dimensional polygon face basic model based on the feature point information using an ASM technique specialized for faces. The method comprises the steps of detecting the positions of eyes from an input facial image and normalizing the size of the facial image, detecting each initial position for facial features from the normalized facial image, loading ASMs in the normalized facial image so as to correspond to the detected initial position and then extracting feature points for the facial features, and creating a three-dimensional polygon face caricature by modifying the three-dimensional polygon face basic model according to coordinate values of the extracted feature points.