The invention discloses a silicon rubber composite cable material and a preparation method thereof. The cable material comprises silicon rubber, ethylene propylene rubber, butadiene rubber, polyarylacetylene resin, stearic acid, zinc oxide, sulfur, 2, 4-dichlorobenzoyl peroxide, coupling agents, graphite, accelerants, anti-aging agents, modified fire retardants, 1, 4-cyclohexanedimethanol diglycidyl ether, carbon fibers, white mica and melamine polyphosphate. The modified fire retardants are prepared according to the process including the steps: gelatinizing starch; adding the starch into water; adding nano-sized magnesium oxide, zirconium oxide, iron oxide and carbon nano-tubes; performing ultrasonic treatment, drying, carbonization, crushing and sieving. The preparation method of the silicon rubber composite cable material is simple in process, and the prepared silicon rubber composite cable material is good in heat resistance and aging resistance and excellent in fire resistance.