The invention discloses a door and window edge banding material based on thermoplastic elastomer SEBS (styrene-ethylene-butadiene-styrene copolymer), and the door and window edge banding material comprises the following components: SEBS rubber resin, a softening plasticizer, a polyolefin elastomer, ethylene-propylene-diene monomer, polypropylene resin, a vulcanizing agent system, an antioxidant, a light stabilizer and a processing aid. The invention also discloses a preparation method of the door and window edge banding material. The door and window edge banding material based on the thermoplastic elastomer SEBS has the advantages of being halogen-free, high temperature and low compression deformation resistant, weather-proof, low temperature resistant, excellent in mechanical properties, easy to extrude to form, long in service life and the like. Door and window edge banding material products based on the thermoplastic elastomer SEBS can be quickly prepared by the preparation method, the products can be widely used in high-grade building door and window edge bandings, automobile door and window edge bandings and other fields, and the process steps are simple, and easy to implement.