A mine cable insulation shielding material comprises the following compositions in parts by weight: 100 parts of ethylene-vinyl acetate copolymer (EVA), 50-100 parts of conductive carbon black, 1-4 parts of a cross-linking agent, 1-4 parts of an auxiliary crosslinking agent, 5-15 parts of a lubricant, 5-25 parts of a softener, 1-3 parts of an anti-oxidant, and 1-3 parts of an anti-ageing agent. The preparation steps of the material comprises: a, weighing the raw materials for usage; b, blending, concretely uniformly blending conductive carbon black, the lubricant, the softener, the anti-oxidant and the anti-ageing agent, so as to obtain a mixture for usage; c, mixing, adjusting the roller distance of an open mill to be 1-2 mm, adding EVA, after rolling is finished, adding the mixture, mixing for 8-10 min, then adding the crosslinking agent and the auxiliary crosslinking agent, and mixing for 2-3 min, keeping the roller temperature to be 65-75 DEG C in the rubber mixing process, and controlling the mixing time to not exceed 20 min, and performing thin passing for five times, and discharging a sheet.