Disclosed are a metal-semiconductor-metal two-dimensional electron gas varactor (MSM-2DEG) and a method of manufacturing the same. There is provided an MSM-2DEG varactor having an asymmetric structure, which includes a first gate formed on a semiconductor layer, and a second gate spaced apart at a predetermined distance from the first gate and formed on the semiconductor layer, wherein the first gate and the second gate are different in shape and gate length.