Parejo, 19, who joined Real in the 2006/07 season, on Saturday scored the 85th-minute winner in their 2-1 defeat of Hamburg in the Emirates Cup in London.
"Daniel Parejo has been loaned to Queens Park Rangers for one year," Real said on its website.
"The youth team midfielder will therefore play in the Football League Championship next season, where he will continue progressing and honing his skills."
London club QPR was bought last year by Flavio Briatore, the manager of the Renault Formula One team, and Grand Prix supremo Bernie Ecclestone.