The invention discloses a production formula and a preparation method for an elastic rotator, which belong to the technical field of road transportation equipment. The formula comprises the following specific components: 10 to 20 percent of ethylene-octene copolymer (POE), 40 to 60 percent of EVA (ethylene-vinyl acetate copolymer), 10 to 20 percent of ethylene-propylene-diene monomer, 5 to 10 percent of anti-shrinking agent, 1 to 3 percent of filler, 0.6 to 1.6 percent of dispersed lubricant, 1 to 2 percent of zinc oxide, 0.7 to 1.2 percent of cross-linking agent, 1.5 to 2.5 percent of foaming agent, 1.5 to 2.5 percent of flowable agent and 2 to 4 percent of color masterbatch pigment, and the total weight is 100 percent. The POE, the ethylene-propylene-diene monomer and the EVA are mixed and refined, and are added with a variety of additives, so that the three types of materials keep respective properties and complement one another, the elasticity of the prepared elastic rotator is high, moreover, after foaming, the texture is dense, the weight is light, the good anti-aging property of the elastic rotator is ensured, the elastic rotator cannot be easily cracked when receiving impact force, and the service life of the elastic rotator is effectively prolonged.