The present provides a method of dynamically managing multicast groups and allocating multicast service wavelengths for the highest channel efficiency. According to the present invention, the share indices of wavelengths of all multicast service groups, which employ broadcasting wavelengths and data wavelengths, are periodically ascertained on the basis of IGMP snooping-based technology in a WDM-PON. Based on the ascertainment results, if the channel share index of the group that employs the broadcasting wavelength is smaller than the channel share index of the group that employs the data wavelength, the share index of the wavelength of the multicast group that employs the broadcasting wavelength is maximized by dynamically changing allocation of the wavelength of the multicast group, so that a maximum multicast service can be provided within limited resources.