The invention relates to a novel low-smoke zero-halogen flame-retardant cable sheath material, which comprises the following components in percentage by weight: 15-35 percent of low-density polyethylene, 15-35 percent of ethylene-vinylacetate copolymer, 8-30 percent of modified nano magnesium hydroxide, 2-6 percent of microencapsulated red phosphorus, 8-19 percent of thermoplastic phenolic resin, 1.8-3 percent of dicumyl peroxide as a crosslinking agent, 0.1-0.25 percent of antioxidant 1010, 1-3.5 percent of lead sulfate tribasic as a lead compound and 0.1-1 percent of N-salicyl aminophthalimide as a copper inhibitor. According to the novel low-smoke zero-halogen flame-retardant cable sheath material, the consumption of the modified nano magnesium hydroxide is reduced by adding the thermoplastic phenolic resin and the microencapsulated red phosphorus on the basis of ensuring the performance of mechanical energy, and the purpose of synergically retarding flame is achieved. When the cable sheath material burns, the microencapsulated red phosphorus absorbs a great deal of water decomposed and released when the modified nano magnesium hydroxide burns, to generate phosphoric acid, metaphosphoric acid, polymetaphosphoric acid and the like which cover the surface of the thermoplastic phenolic resin with higher carbon content, so that the surface of the thermoplastic phenolic resin can be dehydrated and carbonized in an accelerating way to form a thick liquid film layer for isolating oxygen and heat from the inside sheath material, and thus burning can be weakened or interrupted, and the flame-retardant effect of the cable sheath material is enhanced; meanwhile, the novel low-smoke zero-halogen flame-retardant cable sheath material disclosed by the invention has the advantages of zero halogen, low smoke formation amount during burning and little pollution to environment.