The invention discloses a silicone rubber having high resistance to electric erosion and used for an insulator and a preparation method thereof. The silicone rubber comprises the following raw materials: methyl vinyl silicone rubber A, methyl vinyl silicone rubber B, fumed silica, aluminum hydroxide, zinc borate, aluminum oxide, a silane coupling agent, a structure control agent, hydrogen-containing silicone oil, vinyl silicone oil, zinc oxide, stearic acid, stearate, triethanolamine, tetrafluoroethene powder, an ultraviolet ray absorber, color masterbatch and a vulcanizing agent. The invention also provides the preparation method for the silicone rubber having high resistance to electric erosion and used for the insulator. The silicone rubber provided by the invention has high flame resistance and high resistance to tracking and electric erosion while meeting standard requirements for mechanical properties, hydrophobicity and weatherability of silicone rubber used for insulators; and the silicone rubber can guarantee long-term normal working of a composite insulator and improve the service life and operation safety of the composite insulator. The preparation method is simple, has low cost and is suitable for large-scale industrial application.