A method of preparing a latex for a toner composition and a method of preparing a toner composition using the same. The method of preparing the latex for the toner composition includes preparing a monomer solution by dissolving a polyester-based monomer in an organic solvent and adding a vinyl-based monomer thereto, preparing an aqueous macromonomer solution by dissolving a macromonomer in water, preparing a solution in which monomers and macromonomer are suspended by mixing the monomer solution and the aqueous macromonomer solution, and polymerizing the monomers by adding a hydrophobic polymerization initiator to the suspended solution.