The invention discloses a sheathing material for power cables. The sheathing material comprises the following raw materials in parts by weight: 12-16 parts of chlorosulfonated polyethylene, 3-6 parts of butadiene-acrylonitrile rubber, 6-9 parts of chlorinated butyl rubber, 0.3-0.5 part of zinc dimethyldithiocarbamate, 0.3-0.7 part of dibenzothiazyl disulfide, 1.2-1.7 parts of an activator zinc oxide, 2-3 parts of stearic acid, 0.6-1 part of N-(cyclohexylthio)phthalimide, 0.5-1 part of chlorinated paraffin, 1-2 parts of a surfactant polyethylene glycol, 1.5-2 parts of potassium chloroplatinate, 1-4 parts of dioctyl phthalate, 4-7 parts of a reinforcing agent carbon black 330, 4-6 parts of a filler ultrafine talcum powder, and 2.5-4 parts of a filler calcium carbonate. The invention also discloses a preparation method of the sheathing material for power cables. According to the invention, the sheathing material for the power cables is good in mechanical properties, high in tensile strength, good in tear strength and wear resistance, excellent in aging resistance, simple in preparation process, and low in production cost.