The present invention relates to a system and method for processing a lost password by selectively providing a reset process under the password in the long-term memory of the user. According to the present invention, the system includes a user terminal including: a long-term memory condition registration unit receiving the registration of long-term memory conditions; a long-term condition determination unit determining the long-term memory conditions are satisfied; a user identification unit, after the occurrence of a lost password, authenticating the user through a user identification verification scheme or through a enhanced user identification verification scheme whether or not the password resides in the long-term memory of the user, and a lost state resetting unit cancelling the lost password occurrence state. According to the present invention, provided are an identification verification service or an enhanced identification authentication service whether or not the password resides in the long term mem
