The invention discloses a thermal oxidative aging resistant modified chlorinated polyethylene cable sheath material prepared from the following raw materials in parts by weight: chlorinated polyethylene, nitrile butadiene rubber, thermoplastic polyamide elastomers, ethylene propylene grafted with maleic anhydride, ethylene vinyl acetate copolymer-polystyrene, organic modified montmorillonite, organic attapulgite, magnesium hydroxide, aluminum hydroxide, red phosphorus, pentaerythritol, glass beads, dicumyl peroxide, 1, 4-bis(tert-butyldioxyisopropyl)benzene, triallyl isocyanurate, triallyl cyanurate, trimethylolpropane trimethacrylate, an accelerant NA-22, sulphur, magnesium oxide, epoxy resin and a coupling agent. The thermal oxidative aging resistant modified chlorinated polyethylene cable sheath material disclosed by the invention is good in thermal oxidative aging resistance and flame retardance and long in service life.