The present invention relates to a combined toaster and microwave oven having a function to cook food by using microwave and a function to bake bread. Accordingly, the present invention provides a combined toaster and microwave oven comprising: a body forming an appearance thereof; a cavity formed in the body, for accommodating objects to be cooked by using microwave; an electronic chamber provided at a portion inside the body and in which electronic parts for applying microwave into the cavity are installed; and a toaster. The toaster comprises: a toaster case provided in the front of the electronic chamber and having slits on both sides thereof; at least one tray assembly having means for receiving and ejecting bread and preventing the bread from slanting; and a heater assembly installed inside the toaster case, for heating the bread.