Provided are an apparatus and method of selecting a label switched path (LSP) in a network management system. The apparatus comprises a status analyzing unit which analyzes and digitizes performance information, fault occurrence, and fault history of a link in order to convert the performance information, fault occurrence, and fault history into standardized values, a link weight managing unit which determines link weight values using values obtained by adding and subtracting reference values, calculated using a predetermined weight calculation algorithm on second constraints that corresponds to qualitative information related to performance analysis of a path required by an administrative network policy, to and from the standardized values of the status analyzing unit, and an LSP selecting unit which prepares a path list by using a method of executing a predetermined background task by appointing a source and a destination from among all nodes in the administrative network, selects a path, from among paths on the path list, that satisfies first constraints which corresponds to objective information related to a path selection required by the administrative network policy, and, when there are several selected paths, selects a path that minimizes expense using the link weight values. Using the apparatus, the optimum path according to the administrative network policy can be selected.