The invention discloses a modified ethylene-propylene diene copolymer cable material and a preparation method thereof. The cable material is composed of a mixture A and a mixture B, wherein the mixture A comprises, by weight, 90-110 parts of ethylene-propylene diene copolymer, 1-3 parts of antiager RD, 2-4 parts of zinc oxide, 8-12 parts of dioctyl phthalate, 4-6 parts of ethylenebisoctadecanamide, 1-3 parts of 3-aminopropyltrimethoxysilane, 2-4 parts of triallyI isocyanurate, 18-22 parts of nano-montmorillonite, 28-32 parts of nano-aluminum oxide and 18-22 parts of nano-magnesium oxide; the mixture B comprises, by weight, 50-70 parts of maleic anhydride grafted ethylene-ethyl acetate copolymer, 20-30 parts of methyl vinyl silicon rubber, 20-30 parts of modified nano-powder, 0.3-05 part of poly(4-methyl-1-pentene), 5-10 parts of polycaprolactone, 1-3 parts of N, N'-m-phenylenedimaleimide, 1.5-2.5 parts of vinyl-tri-(beta-methoxyethoxy)- silicane, 2-3 parts of sodium dibutylnaphthalenesulfonate, 1-3 parts of acrylic emulsion and 10-15 parts of zinc borate. Compared with the conventional ethylene-propylene diene copolymer cable material, the modified ethylene-propylene diene copolymer cable material has the advantages of high oxygen index, high mechanical strength, excellent elongation at break and high volume resistivity.