The present invention relates to: a method for manufacturing a multi-component bismuth-molybdenum composite metal oxide catalyst, the method comprising a step of conducting first co-precipitation and second co-precipitation; and a multi-component bismuth-molybdenum composite metal oxide catalyst manufactured by the method. According to the manufacturing method, metal components constituting the catalyst are co-precipitated by two divided steps, the first co-precipitation and the second co-precipitation, and thus the catalyst can have a nearly identical structure to the conventional four-component bismuth-molybdenum catalyst, thereby suppressing the deterioration in catalytic activity due to the deformation of the catalyst structure, and the number of lattice oxygen atoms consumed during the reaction can be controlled to increase the catalytic activity, thereby reducing the generation of byproducts in a catalytic reaction process using the catalyst, particularly, in a catalytic reaction process under relatively low-temperature conditions, and improving the conversion rate of a reactant and the yield of a target product.