The invention discloses an anti-ultraviolet, high-flame-retardant and 150 DEG C resistant ethylene-butyl acrylate copolymer elastomer heat shrink tube and a preparation method thereof. The anti-ultraviolet, high-flame-retardant and 150 DEG C resistant irradiation-crosslinked ethylene-butyl acrylate copolymer elastomer heat shrink tube is prepared from components in percentage by mass as follows: 30%-55% of EBA (ethylene-butyl acrylate) copolymer elastomers, 2%-20% of propylene-alpha-olefin copolymer elastomers, 30%-50% of an efficient compound flame retardant, 2%-5% of black color master batch, 1%-3% of a thermal oxidation stabilizer and 0.5%-2.0% of an ultraviolet absorber. After the compound is premixed uniformly by a high-speed mixer, blending granulation is performed through a reciprocating type single-screw mixing extruder, extrusion formation, irradiation crosslinking and continuous vacuum extension are performed, and the anti-ultraviolet, high-flame-retardant and 150 DEG C resistant ethylene-butyl acrylate copolymer elastomer heat shrink tube is prepared. The prepared heat shrink tube has good flame retardance, thermal shrinkage performance, mechanical performance, insulation property, corrosion resistance and wear resistance.