The invention discloses a shape memory high polymer material with eucommia ulmoides rubber and a preparation method of the shape memory high polymer material. The shape memory high polymer material comprises the following raw materials in parts by weight: 100 parts of eucommia ulmoides rubber, 10-30 parts of a functional filler, 0.5-3 parts of a vulcanizing agent and 0-5 parts of a processing aid,wherein the eucommia ulmoides rubber is carboxyl modified eucommia ulmoides rubber; and the functional filler is one or more of microcrystalline cellulose, hydroxymethyl cellulose, hydroxyethyl cellulose, hydroxypropyl cellulose, starch, water-soluble chitin and gelatin. The invention further discloses the preparation method of the high polymer material. Through a hydroxyl reaction of functionalcarboxyl on the carboxyl modified eucommia ulmoides rubber with the surface of the functional filler, not only is a thermotropic shape memory property of a conventional base material retained, but also the high polymer material has a function of responding to water stimulation, the high polymer material has a property of synergetic response to dual stimulation of water and heat, mechanical properties can be improved, and the application range can be widened.