The invention relates to an ethylene propylene diene rubber for an air outlet pipe of an intercooler. The rubber composition consists of ethylene propylene diene rubber, zinc oxide, polyethylene glycol, an anti-ageing agent RD, coumarone, carbon black, paraffin oil, an accelerating agent and sulfur. A preparation method of the rubber composition comprises the following steps of: selecting a rubber extruder, controlling the length-diameter ratio of a screw rod at 11-15, and controlling the temperature at each stage of the extruder, wherein the temperature of a handpiece is 60-80 DEG C, the temperature of an extruding section is 50-70 DEG C, the temperature of a plasticizing section is 50-70 DEG C, and the temperature of a feeding section is 50-60 DEG C; controlling the temperature of circulating water at 15+/-5 DEG C, cooling and sizing a rubber pipe, cutting length, and standing for later use; and sleeving a semi-finished product on a mandrel of a fixed specification, and entering a steam vulcanizing tank for vulcanizing at the vulcanizing temperature of 150-170 DEG C for 15-40 minutes. An air outlet rubber pipe of the intercooler processed by using gross rubber produced with the method has the advantages of low price, appropriate performance, simple production process, high efficiency, excellent ageing resistance and high ozone resistance, and better meets the current use requirements.