The invention discloses silicone rubber for a cold-shrinkable type power cable accessory, wherein the silicone rubber comprises the following components in parts by weight: 140 to 160 parts of methylvinyl silicone rubber raw rubber, 40 to 60 parts of white carbon black, 0.5 to 2 parts of nano titanium dioxide, 0.5 to 2 parts of nano cerium oxide, 1 to 2 parts of phenyl silicone oil, 4 to 6 partsof hexamethyldisilazane, 2 to 3 parts of deionized water, 0.2 to 1 part of a mold release agent, 0.1 to 0.5 part of alcohol modified chloroplatinic acid, 0.1 to 0.5 part of benzotriazole, and 0.5-2 parts of 2,5-dimethyl-2,5-di-tert-butyl hexane peroxide. The invention further provides a preparation method of the silicone rubber for the cold-shrinkable type power cable accessory. The silicone rubber for the cold-shrinkable type power cable accessory has excellent physical and mechanical properties, high temperature resistance, tracking resistance and the like.