The present invention relates to an electric cable material, particularly to a polystyrene electric cable sheath material with characteristics of light weight, water resistance and fire retardation, wherein the material comprises the following raw materials by weight: 15-18 parts of a phenol formaldehyde resin, 30-35 parts of polystyrene, 12-15 parts of polyvinyl acetate, 28-33 parts of fluorite powder, 4-5 parts of alumina, 1-2 parts of an antioxidant DSTP, 2-3 parts of propylene glycol, 5-8 parts of silica powder, 6-8 parts of ethylenebis(stearamide), 25-30 parts of epoxy butyl oleate, 10-12 parts of N351 carbon black, 1-2 parts of an anti-aging agent OD, 6-8 parts of dimethyl fumarate, 2-3 parts of triethoxyvinylsilane, 1-2 parts of ammonium dihydrogen phosphate, and 14-16 parts of an auxiliary agent. According to the present invention, the material integrates advantages of the phenol formaldehyde resin, polystyrene, polyvinyl acetate and other raw materials, the processing performance and the mechanical property are improved, and the prepared material has characteristics of light weight, good flexibility, water resistance, damp resistance, high temperature resistance, fire retardation, chemical reagent corrosion resistance, safety, durability and broad market requirement prospect, and can be widely used for production of various types of electric cable sheath insulating materials.