A method of processing an audio signal is disclosed. The present invention comprises receiving a downmix signal, object information and preset information, generating downmix processing information using the object information and the preset information, processing the downmix signal using the downmix processing information, and generating multi-channel information using the object information and the preset information, wherein the preset information is extracted from a bitstream. Accordingly, a gain and panning of an object can be easily controlled without user's setting for each object using preset information set in advance. And, a gain and panning of an object can be controlled using preset information modified based on a selection made by a user.