The invention discloses a high-temperature-resistance oil-resistance cable material for an oil-submerged pump and a preparation method thereof. The cable material is prepared from the following raw materials in parts by weight: 70-80 parts of methyl vinyl trifluoro-propyl polysiloxane rubber, 15-20 parts of ethylene propylene diene rubber, 10-15 parts of fluorinated ethylene-propylene resin, 2-4 parts of zinc oxide, 1.5-2.5 parts of dicumyl peroxide, 4-7 parts of solid paraffin, 2-3 parts of an anti-aging agent NBC, 10-15 parts of semi-reinforcing carbon black, 0.5-1.5 parts of tris(methoxyethoxy)vinylsilane, 5-10 parts of coumarone resin, 8-12 parts of dibutyl maleate, 10-15 parts of nano-hydrotalcite, 5-10 parts of zinc borate, 4-8 parts of decabromodiphenylethane, 15-20 parts of nano-potash feldspar, 10-15 parts of calcined loess, 2-3 parts of accelerant NOB, 1-2 parts of accelerant ZDC and 3-6 parts of composite filler. The cable material has excellent oil resistance and high temperature resistance, can be used for a long time in oil with temperature of 180 DEG C, and is a high-grade high temperature resistance and oil-resistance cable material with wide application prospect. The service life of the cable material is 5-10 times longer than that of a common cable material.