Disclosed herein is a transmission/reception channel matching apparatus for a mobile communication terminal and a mobile phone test equipment. The transmission/reception channel matching apparatus includes a Printed Circuit Board (PCB), a Dual In-line Package (DIP) switch, and a fastening casing. The PCB includes mobile communication terminal-side terminals to be electrically connected to option pins provided in the serial communication connector of the mobile communication terminal, and transmission and reception terminals corresponding to the transmission and reception channels of the mobile phone test equipment for transmitting a transmission signal to the mobile communication terminal and receiving a reception signal from the mobile communication terminal. The DIP switch is provided with a plurality of switches, is combined with the PCB, and selectively connects the mobile communication terminal-side terminals to the transmission and reception terminals depending on ON/OFF information. The fastening casing accommodates the PCB so that part of the DIP switch is exposed to the outside.