The invention discloses a micro-interpenetrating network cross-linked low-smoke halogen-free flame-retardant cable material and a preparation method thereof. The cable material includes, by weight, 10-25 parts of ethylene-vinyl acetate copolymer, 20-40 parts of silane-grafted linear low-density polyethylene, 15-25 parts of a polyolefin thermoplastic elastomer, 10-25 parts of ultra-low-density polyethylene, 10-15 parts of functionalized polyolefin resin, 0.5-2.5 parts of high molecular weight polysiloxane, 0.5-1.5 parts of a crosslinking sensitizer, 0.5-2 parts of an auxiliary crosslinking agent, 0.1-0.5 part of a chain extender, 120-180 parts of a high efficiency composite flame retardant, 0.5-2.5 parts of a tubular microcrystalline nano-carbon forming agent, 1-2 parts of organosilane, 0.5-2 parts of an anti-oxidant, and 0.5-1.5 parts of a processing auxiliary agent. The cable material has excellent comprehensive performance and service life, good mechanical property, good dielectric and insulating properties and small creep poles, and is high and low temperature resistant, water resistant, acid and alkali resistant, solvent resistant, wear resistant, creep resistant, ozone resistant and bending resistant; and the cable material can meet different application scene demands of cables, and has the comprehensive performance of dealing with complex and changeable environments.