Provided are a biodegradable aliphatic-aromatic polyester copolymer having excellent hydrolysis resistance and high viscosity which has a carboxyl end group (CEG) content of 15 mg KOH/g or less, a ratio (Mz/Mn) of a z-average molecular weight (Mz) to a number average molecular weight (Mn) of 3 to 15, and a melt index (MI) of 5 g/10 min or less as measured under conditions of a temperature of 190° C. and a load of 2.16 kg in accordance with ASTM D 1238. A method of preparing a biodegradable aliphatic-aromatic polyester copolymer is provided, including adding a chain extender and an anti-hydrolysis agent to an aliphatic-aromatic polyester pre-copolymer over time, whereby a significant viscosity rise and improvement of hydrolysis resistance may be implemented simultaneously.