The invention discloses an electromagnetic shielding high flame retardant ethylene-ethyl acrylate copolymer heat shrinkable tubing and a preparation method thereof. The flame retardant electromagneticshielding heat shrinkable tubing is prepared from the following components in percentage by mass: 30 to 45 percent of ethylene-ethyl acrylate copolymer elastomer, 3 to 15 percent of propylene-alpha olefine copolymer elastomer, 30 to 45 percent of magnetic powder, 15 to 40 percent of a high-efficiency composite flame retardant, 1 to 4 percent of black color masterbatch and 0.5 to 2.0 percent of athermal oxidation stabilizer. The preparation method comprises the following steps: uniformly premixing a compound through a high-speed mixer, and then blending and granulating by using a double screwmixing extruder; subsequently, carrying out extrusion molding, irradiation crosslinking and vacuum continuous expansion, thereby obtaining the high flame retardant electromagnetic shielding heat shrinkable tubing. The electromagnetic shielding high flame retardant ethylene-ethyl acrylate copolymer heat shrinkable tubing prepared by the preparation method disclosed by the invention has the advantages of good flame retardancy, good shrinkage performance, good mechanical properties, good electromagnetic compatibility and good electromagnetic interference resistance; the electromagnetic performance and stability of electronic components can be greatly improved.