Method of generating one-time password and apparatus for performing the same

Disclosed is a technology related to a method of generating an OTP and an apparatus for performing the same. The method includes receiving user secret information that is input according to execution of a process of providing an OTP; authenticating the user secret information by generating a response value based on the received user secret information and a challenge value received from a user verification apparatus, and transmitting the response value to the user verification apparatus; and generating an OTP using at least one of the user secret information, the challenge value and the response value as the user secret information is authenticated, thereby effectively dealing with loss or appropriation of a user terminal and also improving the security of an OTP.