The invention provides a flame-retardant compensation cable for an elevator. A compensation cable body comprises a cable core, a filler and an external wrapping layer, wherein the external wrapping layer is prepared from, by weight, 89-102 parts of crosslinking polyethylene flame-retardant polymer, 56-80 parts of metal particles, 23-29 parts of HSPE fiber, 32-41 parts of organic tin and 45-62 parts of tetrafluoroethylene-hexafluoropropylene copolymer. The external wrapping layer of the flame-retardant compensation cable adopts the tetrafluoroethylene-hexafluoropropylene copolymer and is mixed with the metal particles, the flame-retardant compensation cable has good flame retardancy and weather resistance andmeets the flame-retardant standards GB/T4989, the HSPE fiber is added in preparation and matched with the organic tin to play a synergic effect, optimum flame-retardant efficiency and good economical efficiency are achieved, the highest working temperature of 800 DEG C of the cable is compensated by selecting the tetrafluoroethylene-hexafluoropropylene copolymer, and it is tested that the flame-retardant fireproof performance of the compensation cable reaches the level V-2, and no poisonous gas is produced after passive ignition.