Musicology is the scholarly study of music ; as academic disciplines go, it's a fairly recent field of study, having its origin in 19th century Germany. What are musicologists, and what do they do ? Basically, they are scholars engaged in the scientific study of music, whether western classical or of non-western music. The study of non-western music is known as Ethnomusicology. Ethnomusicologists study the music of China, India, Iran, and other countries, and folk music around the world.
Historical musicology deals with the history of western classical music, different composers and their lives, the development of music over the centuries, musical instruments, research of many kinds. Music theory deals with the technical analysis of music ; harmony, counterpoint, how composers construct their music. If you read the kinds of analysis that music theorists write, it's as densely technical as anything in Science and mathematics !
Different musicologists have different areas of specialization ; some study the ancient music of the middle ages and renaissance, and do research in trying to determine how it should be performed, since information on that is very sketchy. Performance practice is the field of research into how music was performed in the past, and involves the revival and use of old instruments, which are quite different from those of today. There is much controversy over this.
Other musicologists may specialize in the music of the time of Bach and Handel etc, or Baroque music, or Haydn and Mozart (Classical Period ), or 19th or 20th century music. Many musicologists have discovered long lost works from the past by composers well-known and obscure, sometimes finding them in monastaries or archives.
Many musicologists teach at music schools, or universities, and study musicology on the graduate level, usually obtaining PHDs. They publish articles in scholarly journals and write books on different composers and biographies. It's definitely a "Publish or Perish" field.
Among today's leading musicologists are Richard Taruskin, one of the foremost authorities on Russian music and composers such as Stravinsky. He has written a monumental multi-volume history of music which came out a few years ago, and frequently writes articles for the New York Times that are always very interesting, and currently teaches music history at the University of California at Berkely. Anything he writes is well-worth reading.
H.C. Robbins Landon is considered the foremost authority on the music of Joseph Haydn, and has written a biography in several volumes. Lewis Lockwood of Harvard is one of the foremost experts on Beethoven. Joseph Kerman, professor emeritus at Harvard, is an expert on opera.
Musicologists often examine composer's manuscripts and sketches to find information about them, determine if works are authentic creations of a composer or not, and help the music printing industry by correcting errors that have crept in to the printed versions. This is a kind of detective work, and is quite fascinating. Different ones often disagree vehemently with each other on details and issues, and sparks can fly in their corespondence.
Musicology is not necessarily dry as dust pedantry ; it's a field of endless fascination.