A method and apparatus for generating terahertz waves using laser plasma are disclosed herein. The method of generating high-power terahertz waves includes generating plasma by focusing a laser beam on a gas within a vacuum chamber, radiating laser beams into the magnetized plasma from opposite directions so that the laser beams collide with each other at a preset location, and generating terahertz waves of a predetermined frequency through the oscillation of the plasma generated by the collision of the laser beams.