The invention discloses a semiconductive shielding material of a rubber cable and a preparation method thereof. The semiconductive shielding material comprises the following components, by mass, 80 parts of a ethylene-vinyl acetate rubber, 20 parts of a hydrogenated nitrilebutadiene rubber, 3 parts of a hydrolysis resistant agent, 20 parts of a plasticizer, 3 parts of an activator, 3 parts of an antioxidant, 70 parts of conductive carbon black, 5 parts of a dispersant, 3 parts of a vulcanizing agent DCP and 2 parts of a vulcanizing assistant TAIC. The preparation method comprises the following steps: 1, adding the rubbers, the hydrolysis resistant agent, the plasticizer, the activator, the antioxidant, the conductive carbon black and the dispersant to an internal mixer according to above proportions; 2, mixing for 6min at 120DEG C; 3, adding the vulcanizing agent DCP and the vulcanizing assistant TAIC, and vulcanizing for 1min; and 4, discharging above materials, tabletting, cooling, packaging, and warehousing. The preparation method of the invention, which allows the semiconductive shielding material to have the advantages of good compatibility, good flexibility, good shielding function, good electrical performance, good mechanical performance and the like by optimizing the components, can be used for preparing semiconductive shielding layers of middle and high voltage rubber cables.