The invention discloses a low smoke zero halogen thermoplastic elastomer flame-retardant cable material which comprises the following components in weight ratio: 100 parts of ethylene-propylene diene monomer rubber, 50-200 parts of SEBS503 and / or maleic anhydride grafted SEBS, 55-100 parts of reinforcing agent, 100-300 parts of plasticizing and softening agent, 0-5 parts of pigment, 8-12 parts of auxiliary agent, 1-4 parts of cross-linking agent, 150-550 parts of flame retardant agent and 40-150 parts of liquid reinforcing and softening rubber. The preparation method of the material comprises the following steps of: firstly, mixing, plasticating, cooling and granulating the SEBS 503 and / or maleic anhydride grafted SEBS, the plasticizing and softening agent, the reinforcing agent, the pigment and the ethylene-propylene diene monomer rubber particles to prepare thermoplastic elastomer master batch; then, mixing the thermoplastic elastomer master batch with the auxiliary agent, the flame-retardant agent and the liquid reinforcing and softening rubber, adding into a mixer, and stirring uniformly; and finally, mixing, plasticating, cooling and granulating to obtain a finished product. The product does not contain halogen, has excellent flame retarding efficacy and is not embrittled and hardened under the low temperature condition of subzero 40 DEG C. The preparation method has simple equipment and technology and does not have any three wastes discharge or environmental pollution.