The invention discloses an interpenetrating network hydrogel material with a high thermal conductivity and a high elasticity, and a preparation method thereof. The preparation method comprises the following steps: hydroxyethyl cellulose is taken, and is dissolved in a graphene oxide/ammonium persulfate suspension, stirring is performed until uniformity, an appropriate amount of acrylic acid is added, then the obtained mixed solution is rapidly poured into a mold, the mold is placed in a constant temperature oven, the mixed solution is reacted for a period of reaction, and the obtained hydrogelin the mold is taken out, and is washed with deionized water to remove unreacted monomers and impurities in order to obtain the hydrogel containing a small amount of graphene oxide. The method of theinvention has a simple process, the obtained hydrogel has good compression resistance and good thermal conductivity, and the high thermal conductivity can be achieved by adding only a small amount ofthe graphene oxide; and compared with other thermal conducting media, the interpenetrating network hydrogel material of the invention has the excellent characteristics of good compressive strength, reusability, no oil permeation, low viscosity, and easiness in disassembling.