An Internet Protocol (IP)-based mobile TV system and a method for synchronizing the rendering of a streaming service are provided. In the IP-based mobile TV system, a plurality of mobile terminals receives a streaming service from network equipment, along with both a sequence of Network Time Protocol (NTP) time stamps corresponding to the streaming service and a synchronization clock. Each mobile terminal recovers an NTP reference clock for rendering the received streaming service according to both the synchronization clock and a synchronization time difference value, and then renders the received streaming service according to both the recovered NTP reference clock and the received NTP time stamps. Accordingly, the plurality of mobile terminals in the IP-based mobile TV system is able to render the received streaming service synchronously.