The invention discloses a cold-resistant rubber cable sheath material and a preparation method. The material comprises chlorinated polyethylene, ethylene-propylene-diene monomer (EPDM) rubber, lead oxide, calcium carbonate, N-isopropyl benzene-N'-phenyl p-phenylenediamine serving as an anti-aging agent, antimonous oxide, magnesium oxide, paraffin hydrocarbon oil, chlorinated paraffin, paraffin, carbon black, settled white carbon black, talc powder, gamma-aminopropyl triethoxysilane serving as a surfactant, dicumyl peroxide serving as a vulcanizing agent and triallyl isocyanurate serving as a co-vulcanizing agent. The low temperature performance of the material is improved by blending the chlorinated polyethylene and the EPDM rubber, and meanwhile, the flame-retardant performance of the rubber sheath material is improved by synergy of the antimonous oxide serving as a flame retardant and the chlorinated paraffin; experiments show that the rubber sheath material can pass low-temperature embrittlement test of 40 DEG C below zero, has excellent low-temperature resistance, has the oxygen index of more than 32 and has good flame-retardant performance; and the preparation method is simple and strong in operability.