The invention discloses a transmission belt material. A formula of the material comprises the following components in parts by mass: 10 to 25 parts of natural rubber, 25 to 40 parts of styrene butadiene rubber, 60 to 75 parts of nitrile rubber, 1 to 4 parts of sulfur, 5 to 8 parts of plasticizer, 2 to 5 parts of bonding agent, 7 to 11 parts of zinc oxide, 2 to 4 parts of anti-aging agent RD, 1.5 to 3 parts of anti-aging agent NBC, 0.5 to 2 parts of anti-aging agent DNP, 15 to 18 parts of carbon black, 5 to 6 parts of white carbon black, 1 to 3 parts of N-cyclohexyl-2-benzothiazolesulfenamide, 1 to 2 parts of 2,2'-dibenzothiazyl disulfide, 3 to 5 parts of stearic acid, 10 to 11 parts of coumatone resin, and 3.5 to 5 parts of pine tar. A preparation method comprises the following steps: (1), putting the natural rubber, the styrene butadiene rubber and the nitrile rubber into a banbury mixer, heating to the temperature of 110 to 120 DEG C; (2), adding half of the carbon black and rising the temperature to be 145 to 155 DEG C for milling for 4 to 6min, sequentially adding the zinc oxide, the white carbon black, the coumatone resin, an accelerator and the anti-aging agents for milling; (3), adding the rest carbon black, the plasticizer, the sulfur and the pine tar into a open mill for carrying out milling for 6 to 9min to obtain masterbatch; (4), putting the masterbatch into a vulcanizing mold for carrying out vulcanization treatment.