Disclosed are a catalyst for oxidative dehydrogenation and a method of preparing the same. More particularly, a catalyst for oxidative dehydrogenation of butene having a high butene conversion rate and superior side reaction inhibition effect and thus having high reactivity and high selectivity for a product by preparing metal oxide nanoparticles and then fixing the prepared metal oxide nanoparticles to a support, and a method of preparing the same are provided.