The invention provides a preparation method of a low-smoke flame-retardant modified polyethylene foaming material for a cavity of an automobile. The method comprises the steps: firstly, preparing a foaming masterbatch by using a plastic mixer, that is, placing linear low density polyethylene resin and a nucleating agent into an internal mixer, adding levapren rubber and olefin elastomer resin to be internally mixed, then, internally mixing ethylene-propylene-diene rubber and butadiene rubber in the internal mixer, and finally, discharging to obtain the foaming masterbatch; and then, preparing a foaming material mixture by using an open mill, that is, mixing the foaming masterbatch, a foaming promoter, a crosslinking agent and a crosslinking promoter in the open mill, delivering the foaming material mixture into an extruder, and carrying out extrusion molding on the foaming material mixture to form a sheet, i.e., the low-smoke flame-retardant modified polyethylene foaming material for the cavity of the automobile. The foaming material has the height ratio of larger than or equal to 800% and the foaming ratio of over 3000% at the temperature of 140-180 DEG C, so that the expected excellent effects of low smoke, flame retardance and soft and hard-knot-free surface after foaming are achieved, and the environment friendliness and safety of the automobile are improved.