The invention provides a process for preparing a new plastic, which comprises the following steps: (1) preparing raw materials; (2) weighing and proportioning the raw materials; (3) mixing PVC powder, stabilizers, packing, plasticizers and other additives, then carrying out high-speed kneading on the obtained mixture, and preplasticizing the mixture so as to obtain a pre-plasticized mixture; (4) mixing the pre-plasticized mixture with TPU particles, carrying out banbury mixing on the obtained mixture under the condition of gradient temperature control so as to obtain colloidal products; (5) carrying out double-screw granulation on the obtained colloidal products; and (6) carrying out sorting, dehydration and packing on the granular products obtained in step 5 so as to obtain the new plastic. The process is simple, the conditions of the process are easy to control, and the process is suitable for large-scale production. The invention also provides a new plastic, which has the characteristics of high resistance to wear and scrape, high elasticity, easy recovery, high flame retardance, ultraviolet resistance, freezing damage (caused by low temperature in the north) resistance, environmental protection, soft handfeel and stick resistance, and the like; and the new plastic can be applicable to wire and cable compound.