A TV set (20) with a function of rejecting telephone calls is provided. The TV set includes a first communication port (201) and a second communication port (210) respectively connected with a telephone network (30) and a telephone (40). A switching circuit (209) is interposed between the first communication port and the second communication port; a decoder (202) is connected to the switching circuit and used for decoding a caller ID of an incoming call from the telephone network and transmitting the decoded caller ID to a display unit (205) to be displayed and to a MCU (203); and the MCU for invoking an automatically rejecting module (208) to automatically rejecting the incoming call by switching off the switching circuit according to rejection information stored in a memory. A related method is also provided.