Provided are a method of preparing a metal oxide-silica composite aerogel, which includes preparing metal oxide-silica composite precipitates by adding a metal salt solution to a silicate solution and performing a reaction, and drying the metal oxide-silica composite precipitates by irradiation with infrared rays in a wavelength range of 2 μm to 8 μm, and a metal oxide-silica composite aerogel having excellent physical properties, such as low tap density and high specific surface area, as well as excellent pore properties prepared by the method.