VoIP based display system and method of calling/called two-way multimedia ring back tone

The invention relates to VoIP based display system and method of a calling/called two-way multimedia ring back tone and provides a low-cost and high-speed two-way multimedia ring back tone service for both calling and called sides of a communication terminal, based on the VoIP. When making a call, a trunk gateway or a network server selects a corresponding multimedia ring back tone file from a multimedia ring back tone server according to the set of a calling/called party, transmits the corresponding multimedia ring back tone file to the calling/called communication terminal for treatment and displays the content of corresponding images and audio or video files through the communication terminal, thus when the calling party can see and hear the content of the images and the audio or video files which are set by the called party when waiting for the off-hook of the called party, and the called party can also see and hear the content of the images and the audio or video files which are set by the calling party