The invention discloses a low-smell low-VOC modified thermoplastic elastomer material. The low-smell low-VOC modified thermoplastic elastomer material is composed of 5 to 35 parts of polyethylene resin, 10 to 40 parts of SEBS, 10 to 50 parts of food-grade paraffin oil, 0.1 to 1.0 part of an anti-oxidant, 5 to 35 parts of calcium carbonate, 0.1 to 0.5 part of a lubricant, 0.01 to 1.0 part of an acid absorption agent, and 0.1 to 1.0 part of an anti-aging agent. According to a preparation method, low smell and low VOC content raw materials are adopted, small amounts of auxiliary agents such as the anti-oxidant, the lubricant, the acid absorption agent, and the anti-aging agent are adopted for chemical reaction with small molecules generated in preparation process, so that material smell and VOC content are reduced thoroughly. In material preparation process, different temperature zones are adopted to ensure full plasticizing of rubber materials in a screw, so that generation of small molecular substances in material preparation process is reduced greatly, and in addition, modified calcium carbonate is adopted, the internal mutually nested channels are adopted in absorption of small molecular substances and prevention of escape of the small molecular substances. After using as long as one year, the smell grade of the low-smell low-VOC modified thermoplastic elastomer material is equal to or lower than 3 grade, and VOC content reaches index required in GB/T27630-2011.