The invention discloses a preparation method for a novel ethylene propylene rubber sealing material product. The preparation method employs two different kinds of ethylene propylene diene monomer raw rubbers as basic materials with cooperation of certain amounts of carbon black, calcium carbonate, paraffin oil, zinc oxide, stearic acid, polyvinyl alcohol, high-molecular wax, compound antioxidants, dispersants, compound accelerants, vulcanizing agents, fire retardants and the like. The above materials are subjected to mixing, open milling and vulcanization technologies to obtain the novel ethylene propylene rubber sealing material product. The preparation method has advantages of simple formula, simple production technology, short vulcanizing time, high production efficiency, relatively low production cost, easy industrialization enforcement and the like. Through the preparation method, rubber sealing strip products which are advantaged by good sealing performance, uniform structure, resistance to corrosion, resistance to high and low temperature, flame resistance, environment protection and comfort can be produced.