The invention discloses a rubber composition used for a valve base, wherein the rubber composition includes: ethylene-propylene rubber 4640, carbon black N330, carbon black N220, a carbon black reinforcing agent N774, paraffin oil, light calcium, zinc oxide, stearic acid, a dispersing agent (AFLUX-42), dipentamethylenethiuram tetrasulfide (accelerant TRA), N,N'-m-phenylene dimaleimide (accelerant HVA-2), dicapryl phthalate (plasticizer DCP), and sulfur S. The invention also provides a preparation method of the rubber composition, comprising the steps of internal mixing, open milling and vulcanization. The rubber composition can be used for making a valve base or a wear-resistant valve base of a center line-type butterfly valve. The preparation method is simple in formula and process, is short in vulcanization time, is high in production efficiency, is low in production cost and is easy to achieve industrialization. The valve base made of the rubber composition is good in sealing performance, is uniform in structure, is corrosion-resistant, high-temperature-resistant and low-temperature-resistant, is flame-retarding and environment-friendly, and is wear-resistant.