The invention provides an insulation anti-corrosion heat shrinkable casing pipe material and a preparation method thereof. The heat shrinkable casing pipe material is prepared from 70 to 95 parts by weight of polyvinyl chloride, 30 to 50 parts by weight of thermosetting liquid polyimide pure resin, 4 to 7 parts by weight of vapor phase growth nano-carbon fiber powder, 6 to 10 parts by weight of aninsulating composite material, 2 to 4 parts by weight of polytetrafluoroethylene micropowder, 2 to 4 parts by weight of phthalic anhydride, 3 to 6 parts by weight of a silane coupling agent, 3 to 7 parts by weight of epoxy soybean oil, 4 to 7 parts by weight of liquid paraffin, 5 to 9 parts by weight of polyethylene glycol 400 and 0.5 to 0.9 parts by weight of a compatibilizer. The preparation method comprises: S1, raw material preparation, S2, premixing of the polytetrafluoroethylene micropowder, phthalic anhydride, silane coupling agent, vapor phase growth nano-carbon fiber powder and insulating composite material, S3, mixing, and S4, extrusion, molding and drying. The heat shrinkable casing pipe material is excellent in insulation, corrosion resistance, high temperature resistance andthermal expansion and contraction performance.