The invention discloses a special insulating material for electrical equipment and a preparation method for the special insulating material. The special insulating material for the electrical equipment comprises the following components in parts by weight: 90-100 parts of epoxy resin, 15-25 parts of methyl vinyl silicone rubber, 20-25 parts of fluorosilicon resin, 15-20 parts of polytetrafluoroethylene, 10-15 parts of glass fiber, 15-20 parts of nano inorganic powders, 0.2-1 part of butyl titanate, 20-40 parts of distilled water, 1-6 parts of a compatilizer, 1-5 parts of a flame retardant, 0.3-1.2 parts of an antioxidant and 1-10 parts of a crosslinking agent. The special insulating material for the electrical equipment prepared by the invention can inhibit the space charge accumulation in the cable insulating material, improve the anti-aging property, the anti-flashover property and the anti-acidic and alkaline water-resistent property of the material, has good mechanical properties, electrical property and thermal property, and is excellent in comprehensive properties.