The invention discloses a butyronitrile-PVC (polyvinyl chloride) compound elastomer insulation material for wires and cables and a preparation method of the butyronitrile-PVC compound elastomer insulation material. The butyronitrile-PVC compound elastomer insulation material comprises, by weight, 100-120 parts of butyronitrile rubber, 30-40 parts of PVC resin, 2-3 parts of accelerant TMTD, 1-2 parts of accelerant DM, 1-2 parts of antiager, 2-3 parts of antiager MB, 6-8 parts of paraffin, 8-12 parts of zinc oxides, 1-1.5 parts of stearic acid, 10-15 parts of DOP (dioctyl-phthalate), 2-4 parts of gas-mixed carbon black, 30-40 parts of precipitated white carbon black and 50-60 parts of modified nano calcium carbonate. The insulation material produced has the advantages of good mechanical and physical performance, insulation performance, good high and low temperature resistance, oil resistance, solvent resistance, wear resistance, ozone resistance, ageing resistance and the like, is long-lasting, durable, environment-friendly, pollution-free and capable of meeting the requirements of modern wires and cables completely.