The invention discloses a nano composite ethylene-propylene rubber cable material and its preparation method. The material is composed of ethylene-propylene-diene rubber, a nano compound, an organic modifier, inorganic metal hydroxide, an aging resister, a curing active agent and a peroxide according to 100:1-20:0.5-10:50-200:0.5-10:10-20:0.1-10, wherein, the nano compound is nano montmorillonite and nano calcium carbonate according to the weight ratio of 1:0.5-2, the organic modifier is a silane coupling agent or a titanic acid coupling agent or methacrylic acid or acrylic acid, the curing active agent is zinc oxide and stearic acid, the peroxide is dicumyl peroxide. The preparation method comprises the following steps: proportioning the raw materials according to the weight, successively adding the raw materials with the corresponding weight into an open mill or an internal mixer for mixing, placing on a plate vulcanizing machine for vulcanizing, producing the products with zero-halogen flame-retardant, age resistance and excellent mechanical property. The products is suitable for the occasions with requirement of zero-halogen flame-retardant, age resistance and frequent movement in the nuclear power plants, warships, mining industry and the like.