The present invention discloses one kind of heat resistant, fast cured, neutral acetone-eliminating room temperature vulcanized silicone rubber and its preparation process. The silicone rubber consists of alpha, omega-dihydroxy dimethyl siloxane 80-120 (in weight portions, the same below), hydroxyl radical terminated polydimethyl siloxane 10-20, silica 10-15, tackifier 0.5-1.5, heat resisting additive 5-15, organic guanidine catalyst 0.5-0.9, and acetone-eliminating siloxane cross-linking agent 5-8. The acetone-eliminating room temperature vulcanized silicone rubber has fast vulcanizing, easily completed cross-linking reaction, no need of using organic metal compound as catalyst, high heat resistance, high electrically insulating performance, high strength, high storing stability, wide adhering application range, and other advantages.