The invention relates to a mobile terminal low-latency streaming media player, which comprises a HTTP protocol analyzing module, a media stream pre-processing module, a local caching module, a media analyzing module, an audio decoding module, a video decoding module and a media echo module, wherein a network data input end of the HTTP protocol analyzing module is used for accessing a media server,a media file output end of the HTTP protocol analyzing module is connected with a media file input end of the media stream pre-processing module, a media stream output end of the media stream pre-processing module is connected with a media stream input end of the local caching module, and a media stream communication end of the local caching module is connected with a media stream communication end of the media analyzing module. According to the player and the playing method, downloading of an flv media stream is realized based on an HTTP protocol, an flv parser is implemented, the audio dataand the video data are extracted from the flv parser, and the original media data are restored through corresponding decoding; and the original media data are echoed through equipment, so that related media-on-demand and live-broadcast watching services are provided for the user.