The present invention discloses a radiation cross-linked low-smoke halogen-free flame-retardant locomotive oil-resistant electric cable material and a preparation method thereof. The raw materials of the material comprise, by weight, 35-65 parts of an ethylene-vinyl acetate copolymer, 30-50 parts of acrylamide grafted EVA, 5-15 parts of a compatilizer, 130-180 parts of a flame-retardant agent, 0.8-2 parts of an antioxidant, 0.5-1.5 parts of a lubricant, 0.1-5 parts of an auxiliary cross-linking agent, and 0.5-3 parts of a coupling agent. According to the present invention, the high VA content EVA with the VA content of 28-50% is used, the higher the VA content, the stronger the resin polarity and the better the low temperature resistance; the acrylamide grafted EVA resin is introduced, and the acrylamide adopted as the polar part is grafted onto the EVA, such that the good compatibility with the flame-retardant agent is provided, and the effectiveness of the flame-retardant agent is completely provided; the oil resistance of the electric cable is substantially improved through the strong polar structure; and the material further has the low smoke property.